Overview

• The S-1 details a sale of about 16.66–16.67 million Class A shares at $17 to $19, implying up to roughly $317 million in proceeds and a valuation near $2.2 billion.
• Gemini expects to list on Nasdaq under the ticker GEMI with Goldman Sachs, Citi, Morgan Stanley and Cantor as lead bookrunners.
• The company reported $68.6 million in first-half 2025 revenue and a $282.5 million net loss, following 2024 revenue of $142.2 million.
• Filings cite approximately $18 billion in client assets on the platform and lifetime trading volume of about $285 billion through July.
• Investor risk assessment centers on the firm's regulatory record, including the SEC’s 2023 charge over Earn, a $37 million NYDFS settlement, and a $5 million CFTC settlement.