Gemini Space Station, Inc., the parent entity behind Gemini Exchange, filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on August 15, 2025, marking a formal step toward a proposed initial public offering of its Class A common stock. The company said the number of shares to be offered and the expected price range have not yet been determined and will depend on market conditions.
Nasdaq listing plan takes shape
According to the filing, Gemini intends to list its shares on the Nasdaq Global Select Market under the ticker “GEMI.” The move would place the crypto exchange operator among a growing group of digital asset firms seeking access to public equity markets through U.S. listings.
Major banks lead the deal
The proposed offering is being led by Goldman Sachs & Co. LLC and Citigroup as lead bookrunners, with Morgan Stanley and Cantor also participating as bookrunners. Additional bookrunners include Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Needham & Company, and Rosenblatt. Academy Securities and Amerivet Securities are acting as co-managers.
More details still pending
At this stage, the IPO remains subject to regulatory review and market conditions. Filing an S-1 is a key procedural milestone, but it does not mean the offering has been completed. Investors and industry observers will now be watching for further disclosures on deal size, pricing, valuation, and broader financial details as Gemini advances its public-market plans.