₿$71,063.98▼ 2.52%
Gemini Space Station, Inc.
GEMI🇺🇸Reserve
Gemini is a cryptocurrency exchange and custodian founded in 2014 by Cameron and Tyler Winklevoss. The company holds BTC on its corporate balance sheet as part of its digital asset operations, with holdings fluctuating alongside exchange and custody business activities.
BTC Holdings
4,619 BTC
180d
Stock Price
$4.41
180d
Total financing
241.88M USD
180d
mNAV
1.61x
180d
Leverage
0.0%
180d
BTC Credit
0 bps>10x
Sats/Share
3,850
180d
Mkt cap
529.14M USD
Shares
119.99M
Fiat reserve
252.22M USD
Total reserve
580.46M USD
Dilution
0.0%
Coverage
19.2 yr
BTC mix
0%
Analytics
BTC Coverage
Financials
US-GAAPAnnualAs of 2025-12-31
Balance Sheet
Total Assets$1.8B▲13.0%
Total Liabilities$1.3B▼32.0%
Stockholders' Equity$540.9M▲168.0%
Cash & Equivalents$252.2M▲488.6%
Total Debt$633.5M▼45.7%
Digital Assets$439.6M▼6.5%
Income Statement
Revenue$179.6M▲26.3%
Operating Income$-345.7M▼108.4%
Net Income$-582.8M▼267.6%
Interest Expense$70.3M▲27.9%
Cash Flow
Operating Cash Flow$-218.1M▼100.2%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | BTC Rating |
|---|---|---|---|---|---|
| GEMI-NYDIG | Jul '25 – Jun '26 | 6.5% | 75.00M USD | 75.00M USD | >10x |
| GEMI-RWF | Jul '25 – Nov '27 | 7% | 75.00M USD | 154.40M USD | >10x |
| GEMI-Galaxy | Mar '23 – … | 11% | 116.50M USD | 12.48M USD | >10x |
| Total | 241.88M USD | ||||
Recent Changes
Mon, Mar 30, 2026
Shares Outstanding
117.7M→120.0M+2.3M(+2.0%)
Form 10-K (2025)
Fri, Mar 20, 2026
BTC Holdings
4.8K→4.6K-208 BTC(-4.3%)
Form 8-K (Q4/FY2025 Results)
Wed, Dec 31, 2025
BTC Holdings
4.0K→4.8K+825 BTC(+20.6%)
Form 10-K (2025)
Debt OutstandingDrawGEMI-RWF
48.9M→154.4M+105.5M(+215.8%)
Facility upsized to $250M; $188.8M receivables pledged
Form 8-K (Q4/FY2025 Results)Debt OutstandingGEMI-Galaxy
0→12.5M+12.5M
Loans 13 (BTC, 11%), 14 (ETH, 11%), 15 (BTC, 12%) remain as evergreen
Form 10-K (2025)Fiat Reserve
487.5M→252.2M-235.2M(-48.3%)USD
Form 10-K (2025)
Fri, Nov 7, 2025
Shares Outstanding
100.0M→117.7M+17.7M(+17.7%)
42,526,934 Class A + 75,126,784 Class B
Form 10-Q (Q3 2025)