Gemini Space Station, Inc. said it priced its initial public offering at $28.00 a share for 15,178,572 Class A shares. The deal was announced today. Gemini expects its stock to start trading on the Nasdaq Global Select Market on September 12, 2025 under the ticker symbol GEMI.Â
The offering is set to close on September 15, 2025, if customary closing conditions are met. The company said it will not receive proceeds from any shares sold by the selling stockholders.
Underwriting and over allotment
Goldman Sachs and Citigroup are the lead bookrunners. Morgan Stanley and Cantor are also listed as lead bookrunners.
A group of bookrunners will support the deal, including Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe Bruyette & Woods, A Stifel Company, Needham & Company, and Rosenblatt.
Academy Securities, AmeriVet Securities, and Roberts & Ryan will serve as co-managers. In connection with the sale, Gemini and the selling stockholders plan to give the underwriters a 30-day option.Â
The option would allow the underwriters to buy up to 300,565 additional shares from Gemini and up to 458,364 additional shares from the selling stockholders to cover over allotments.
Terms and legal notes
Gemini said the offering is being made only by means of a prospectus. Copies of the prospectus can be found on EDGAR on the SEC website. The company also said a registration statement for the securities was filed with and declared effective by the SEC.
The press release stressed that it is not an offer to sell or a solicitation to buy the securities in any state or jurisdiction where the sale would be unlawful before registration or qualification.
Nasdaq investment and commercial tie-up
People familiar with the matter said Nasdaq agreed to invest $50 million when Gemini goes public. That investment is part of a wider partnership between the two firms. As part of the arrangement, Nasdaq clients will gain access to Gemini custody and staking tools.
Gemini’s institutional clients will get access to Nasdaq’s Calypso system to manage trading collateral. The deal is meant to bind the two companies closer while the IPO goes through and after the listing.
Why the move matters?
The offering will put Gemini on a public market where it can reach a broad set of investors. For Nasdaq, the $50 million commitment and the technology ties aim to deepen commercial links with a crypto platform.Â
For Gemini clients, the collaboration could mean more tools for custody, staking and collateral management. The deal pairs a traditional market operator with a crypto native business.
That combination is part of a wider trend of firms trying to bring crypto services and market infrastructure closer together.
What investors will watch next?
Investors will look at how many shares the underwriters buy if they exercise their options. They will also watch whether the offering closes on the scheduled date of September 15, 2025.
Market participants will likely track how the partnership with Nasdaq develops and whether Nasdaq’s clients adopt Gemini tools. The flow of shares that selling stockholders place on the market will also matter, since Gemini itself will not receive proceeds from those sales.
Gemini’s pricing and the Nasdaq tie-up mark a major step in the company’s move to go public. The $28.00 price and the planned listing on September 12, 2025, set the stage for the next phase.
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