₿$73,459.79▼ 0.12%
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
6,085 BTC
180d
Stock PriceUpdated 11h ago
$5.27▲ 1.35%
180d
Total financing
215.81M USD
180d
mNAV
1.50x▲ 1.47%
180d
Leverage
0.0%
180d
BTC Risk
0.00%>10x
Sats/Share
4,787
180d
Mkt cap
669.97M USD
Shares
127.13M
Fiat reserve
215.62M USD
Total reserve
662.63M USD
Dilution
0.0%
Coverage
30.3 yr
BTC mix
0%
Analytics
BTC Coverage
FinancialsUnverified
US-GAAPQuarterlyAs of 2026-03-31
Balance Sheet
Total Assets$1.5B▼34.9%
Total Liabilities$1.1B▼36.7%
Stockholders' Equity$456.1M▼30.2%
Cash & Equivalents$215.6M▼55.8%
Total Debt$468.4M▼54.0%
Digital Assets$272M▼59.7%
Income Statement
Revenue$50.3M▼0.7%
Operating Income$-94.2M▲22.0%
Net Income$-109M▲31.7%
Interest Expense$7.6M▼66.7%
Cash Flow
Operating Cash Flow$-54.4M
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | BTC Rating |
|---|---|---|---|---|---|
| GEMI-NYDIG | Jul '25 – Jun '26 | 6.5% | 75.00M USD | 75.35M USD | >10x |
| GEMI-RWF | Jul '25 – Nov '27 | 7% | 75.00M USD | 140.46M USD | >10x |
| Total | 215.81M USD | ||||
Recent Changes
Thu, May 14, 2026
BTC Holdings
3.8K→6.1K+2,246 BTC(+58.5%)
WCF private placement settled in-kind with ~1,258 BTC; pre-PP baseline carried from 12/31/2025 10-K balance of 4,827 BTC (no Q1 close BTC count disclosed in this filing).
Form 8-K ($100M WCF private placement & Q1 2026 results)Shares Outstanding
120.0M→127.1M+7.1M(+6.0%)
+7,142,857 Class A issued to Winklevoss Capital Fund at $14.00/share. Prior 119,985,392 from 10-K cover page (id=971, 2026-03-30).
Form 8-K ($100M WCF private placement & Q1 2026 results)Tue, Mar 31, 2026
BTC Holdings
4.8K→3.8K-988 BTC(-20.5%)
Form 10-Q (Q1 2026)
Debt OutstandingDrawGEMI-NYDIG
75.0M→75.3M+349.0K(+0.5%)
Form 8-K ($100M WCF private placement & Q1 2026 results)
Debt OutstandingRepaymentGEMI-RWF
154.1M→140.5M-13.7M(-8.9%)
Form 8-K ($100M WCF private placement & Q1 2026 results)
Fiat Reserve
252.2M→215.6M-36.6M(-14.5%)USD
Form 10-Q (Q1 2026)
Mon, Mar 30, 2026
Shares Outstanding
117.7M→120.0M+2.3M(+2.0%)
Form 10-K (2025)
Wed, Dec 31, 2025
BTC Holdings
5.3K→4.8K-475 BTC(-9.0%)
Form 10-K (2025)
Debt OutstandingDrawGEMI-RWF
48.9M→154.1M+105.2M(+215.2%)
Precise balance-sheet figure from 10-K Note 15. Replaces #535 (which carried approximate $154.4M from 8-K shareholder letter).
Form 10-K (2025)Fiat Reserve
487.5M→252.2M-235.2M(-48.3%)USD
Form 10-K (2025)