NEW YORK, September 2, 2025 — Gemini Space Station, Inc. initiates the path towards Nasdaq: filed the Form S-1 Form S-1 (SEC) (PR Newswire) for an IPO of 16,666,667 Class A shares, with an indicative price range between 17 and 19 dollars.
The expected ticker is GEMI on the Nasdaq Global Select Market Nasdaq Global Select Market. An option for overallotment (greenshoe) is also anticipated to help stabilize the stock at its debut.
The lead bookrunners are Goldman Sachs & Co. LLC and Citigroup Global Markets Inc., supported by Morgan Stanley & Co. LLC and Cantor Fitzgerald & Co.
According to the data collected by our capital markets desk, the overallocation option of 2,500,000 shares corresponds to about 15% of the primary offering, a leverage in line with market practices for stabilization in the post-listing period.
Industry analysts note that the presence of global leads like Goldman Sachs and Citigroup tends to increase institutional interest during the roadshow and improve the quality of the float.
In brief
- Shares offered: 16,666,667 (Class A)
- Price range: 17–19 dollars per share
- Ticker: GEMI (Nasdaq Global Select Market)
- Lead bookrunner: Goldman Sachs & Co. LLC, Citigroup Global Markets Inc.
- Co-lead: Morgan Stanley & Co. LLC, Cantor Fitzgerald & Co.
- Over-allotment: 30-day option, up to 2,500,000 total shares (≈15% of the primary offering)
- Documentation: the preliminary prospectus and the Form S-1 available on SEC EDGAR and in the internal information sheet on Form S-1
Gemini looks to the Nasdaq Global Select Market with the ticker GEMI.
What the Offer Includes
The listing of Gemini Space Station, Inc. aims for a debut on Nasdaq’s most prestigious segment. The offering includes the issuance of 16,666,667 shares with the introduction of an overallotment option (greenshoe) for the underwriters, useful for containing any excessive fluctuations in the initial trades.
In this context, the price range is still indicative and may be updated based on the demand gathered during the roadshow and the market conditions, which remain a decisive factor. For more details on how the roadshow works, see our internal guide How Roadshows Work.
Underwriter and Role in Placement
Goldman Sachs and Citigroup lead the book, while Morgan Stanley and Cantor Fitzgerald act as co-leads. The intermediaries handle the order collection, the determination of the final price within the indicated range, and the management of the over-allotment to mitigate volatility at the market debut.
It should be noted that the balance between long-term investors and more tactical capital can affect the quality of the initial float.
- Assessment of institutional demand during the roadshow
- Targeted allocation between long-term investors and active funds
- Stabilization through additional purchase options post-listing
Price and Market Conditions
The 17–19$ range remains indicative; the determination of the final price will depend on the volatility of digital assets, the flows into high-tech and growth stocks, and the prevailing sentiment among investors in the crypto sector.
It should be noted that, in the case of sustained demand, the option of overallocation can help limit excessive upward movements or a rapid price reversal in the initial phases, partially protecting the price formation.
Timelines and Next Steps
- Filing of the S-1 and related updates: ongoing
- Roadshow with institutional investors: ongoing
- Pricing and allocation of shares: expected at the end of the roadshow
- First trading day on Nasdaq: expected after final SEC approval
Any potential blackout and lock-up periods for management and shareholders will be specified in the final prospectus; generally, the lock-up covers about 180 days.
An interesting aspect is that these restrictions, if confirmed, tend to reduce the supply of shares in the weeks following the listing. For a definition of the terms, see our glossary on lock-up.
Official Documents and Where to Find Them
The sale of shares will occur exclusively through the prospectus. The Form S-1 and updated versions of the prospectus can be accessed on SEC EDGAR.
Copies of the preliminary prospectus are also provided by the dedicated desks of Goldman Sachs & Co. LLC and Citigroup Global Markets Inc., as reported in the official release on PR Newswire.
Press release: PR Newswire.
Key Numbers at a Glance
| Shares offered | 16,666,667 (Class A) |
| Price range | 17–19 dollars |
| Ticker | GEMI |
| Market | Nasdaq Global Select Market |
| Over-allotment | 30-day option up to 2,500,000 shares (≈15% of the offering) |
| Lead bookrunner | Goldman Sachs, Citigroup |
| Co-lead | Morgan Stanley, Cantor Fitzgerald |
Financial Data and Use of Proceeds
The Form S-1 provides an in-depth overview of revenues, results (profit or loss), available cash, and use of proceeds — for example, product development, regulatory capital adjustment, investments in security and compliance.
In this context, the filing also allows for the assessment of potential capital needs and the sustainability of growth. It is advisable to consult the document for updated financial data and any covenants or restrictions.
For an overview of how to interpret the entries of an S-1, see our practical guide on How to Read an IPO Prospectus.
Note: the release does not include detailed financial data (e.g., LTM revenue, profit or loss, cash, capex, net debt) nor a precise timeline for pricing; such information will be available on the Form S-1 filed with the SEC SEC EDGAR.
Context and Market Impact
The listing of Gemini, a regulated crypto player, occurs in a context of recovery in the IPO market within the tech sector.
A successful debut could broaden traditional investors’ access to companies with exposure to digital assets and strengthen the sentiment of the sector, following in the footsteps of other operators like Coinbase.
It should be noted that positioning on an exchange like the Nasdaq Global Select Market remains a signal of ambition and structured governance.
The risks related to evolving regulations, the volatility of crypto trading volumes, and the challenges of custody and cybersecurity remain important, factors that can impact margins and valuation multiples.
An interesting aspect is the sensitivity to digital asset cycles, often quick to transmit to transactional revenues.
Main Risks Highlighted in the S-1
- Regulation evolving in the United States and other markets
- Concentration of revenues on trading and custody activities
- Operational risks related to security and system continuity
- Competition from global exchanges and fintech operators
- Dependence on the digital asset cycle and market price variability
Quick FAQ
Why the Form S-1 is Central
The document gathers financial data, information on risks, details on governance and shareholding structure, as well as the intended uses of the proceeds. This allows investors to make an informed assessment before the listing.
Update as of September 2, 2025. The information is subject to change based on prospectus updates and market conditions.
