Gemini Space Station Launches IPO
By Kelly CloonanGemini Space Station has launched its initial public offering.The cryptocurrency exchange, founded by Cameron and Tyler Winklevoss, said it will sell 16.7 million units at $17 to $19 apiece, according to a filing with the Securities and Exchange Commission on Tuesday.Gemini has also granted underwriters a 30-day option to purchase up to an additional 2.4 million shares from the company and 103,652 units from the selling shareholders at the initial public offering price. Goldman Sachs and Citigroup are listed as the offering's lead underwriters.Gemini said it will receive net proceeds of about $272.3 million from the offering, or about $313 million if the over-allotment option is exercised, if the offering prices at the midpoint of its range.The company intends to use the proceeds from the offering for general corporate purposes, including product development, administrative matters, capital expenditures and repayment of debt.The company intends to apply to have its units listed on Nasdaq Global Select Market under the ticker GEMI.Gemini's platform aims to simplify and secure the process of buying, selling and collecting crypto assets, offering an over-the-counter trading desk, a U.S. credit card and support for a range of crypto assets including bitcoin, ether and stablecoins. It targets both retail and institutional investors.The platform was founded in 2014 by the Winklevoss twins, who are known for their early involvement in Facebook. They are also the largest investors in the company, according to the filing.Total revenue in 2024 was $142.2 million, with transaction revenue representing about 70% of sales, according to the filing. The company had a loss of $158.5 million last year.Write to Kelly Cloonan at [email protected]