Gemini Space Station Inc (GEMI) is a cryptocurrency exchange and digital asset platform company that enables users to buy, sell, store, and earn yield on crypto assets. Revenue comes primarily from transaction fees on exchange and OTC trading, services including credit card interchange and interest, staking fees, and interest earned on customer custodial funds. Founded in 2014 by Tyler and Cameron Winklevoss, Gemini served approximately 601,000 monthly transacting users and approximately 10,000 institutions across more than 60 countries as of December 31, 2025, with over $15.9 billion of assets on its platform. Transaction revenue totaled $98.0 million in FY2025, down 1% year-over-year, while credit card revenue grew 185% to $33.1 million in FY2025. Tyler Winklevoss serves as Co-Founder and CEO, with Danijela Stojanovic as Interim CFO as of the 10-K filing dated March 31, 2026.

Revenue model

Transaction fees from a spot exchange ($93.4 million, FY2025) and an OTC trading desk ($4.0 million, FY2025) form the largest revenue stream. Services revenue includes credit card interest, fees, and interchange ($33.1 million, FY2025), staking fees ($16.8 million, FY2025), custodial fees, advisory fees, and onchain integration and token listing services ($1.2 million, FY2025). Interest income earned on customer custodial funds held at third-party banks added $11.4 million in FY2025. Corporate interest on company cash contributed $5.1 million in FY2025.

Products and services

Spot cryptocurrency exchange, OTC trading desk, institutional-grade custody, staking services (supporting Ether, Solana, and Polygon networks), a Mastercard-network crypto rewards credit card, a NYDFS-regulated stablecoin, Nifty Gateway digital art auction platform, tokenized equity trading, Gemini Predictions regulated prediction markets platform (launched December 2025), and onchain integration and token listing services.

Customers and end markets

Approximately 601,000 monthly transacting users (retail) and approximately 10,000 institutional clients as of December 31, 2025. End markets include retail crypto trading, institutional digital asset trading and custody, crypto staking, and consumer payments via crypto-rewards credit card.

Value-chain role

Operates as a vertically integrated crypto asset exchange and custodian, sitting between retail and institutional customers and the underlying blockchain networks. Holds customer assets in custody at third-party banks, facilitates spot and derivatives trading, and connects staking participants to blockchain networks in exchange for a fee share.

Geographic exposure

Operations in more than 60 countries as of December 31, 2025. In February 2026, the company announced plans to exit and wind down operations in the United Kingdom, the European Union and other European jurisdictions, and Australia.

Source: SEC 10-K, filed 2026-03-31

Industry: Finance Services