Gemini Space Station, Inc.
Financials · Capital Markets
Compliance-first positioning differentiates Gemini among regulated crypto exchanges as US regulatory clarity accelerates institutional adoption. CFTC-licensed derivatives clearinghouse and institutional custody create durable moats. Revenue grew 26% YoY and the Winklevoss brand commands trust from risk-averse capital.
Losses are massive (-$583M in 2025) and the path to profitability is unclear. Intense competition from Coinbase, Kraken, and offshore venues compresses margins. Crypto trading volumes are cyclical - a bear market would gut revenue. 3x P/S, the market is pricing in a recovery in profitability that may take years to materialize.
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