Overview
- Trading is expected to begin on Nasdaq this week under the ticker GEMI, subject to market conditions and final closing steps.
- Nasdaq has committed $50 million via a private placement tied to the offering alongside a partnership linking its clients to Gemini custody and staking while giving Gemini access to Nasdaq’s Calypso tools, though at least one outlet reported a dispute over whether the investment is part of the IPO allocation.
- The company is keeping the offering at about 16.7 million Class A shares with Goldman Sachs and Citigroup as lead bookrunners.
- Gemini plans a sizable retail allocation, with up to 30% of Class A shares available through brokerages such as Robinhood, SoFi and Webull, plus additional shares reserved for long‑time users, employees and affiliates.
- SEC filings show a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, highlighting financial and regulatory risks that could affect investor appetite and deal execution.