Core Viewpoint - Gemini Space Station, a cryptocurrency exchange founded by the Winklevoss twins, has made its public debut with an IPO priced at $28 per share, raising over $425 million and achieving a market valuation of approximately $3.3 billion [2][15]. Company Overview - Gemini Space Station, Inc. is a cryptocurrency exchange platform founded in 2014 by Cameron and Tyler Winklevoss after their dissatisfaction with existing exchanges [3][4]. - The company offers various financial services, including a credit card that allows users to earn cryptocurrency rewards [4]. Financial Performance - For the year ending December 31, 2023, Gemini reported total revenue of $98.1 million, which increased to $142.2 million for the year ending December 31, 2024 [7]. - Despite the revenue growth, Gemini experienced net losses of $319.7 million in 2023 and $158.5 million in 2024 [8]. IPO Details - Gemini's shares were priced at $28, above the initial forecast range of $17 to $19, due to higher-than-expected demand [12]. - The IPO offered over 15.1 million shares, reduced from an initial plan of 16.67 million shares due to a cap on proceeds set at $425 million [13]. - The shares will trade under the ticker "GEMI" on the Nasdaq Global Select Market [11]. Market Context - Gemini's IPO is part of a trend of high-profile tech IPOs in 2025, with investor interest in the crypto and fintech sectors [16]. - The performance of recent IPOs in the sector has been mixed, with some companies like Circle Internet Group seeing significant gains, while others like eToro and Bullish have faced declines [17].

Group 1 - Cryptocurrency exchange Gemini raised $425 million in its initial public offering (IPO), pricing shares at $28, above the expected range of $24 to $26 [1][2] - The IPO values Gemini at approximately $3.32 billion on a non-diluted basis, based on 118,783,069 outstanding shares [2] - Gemini is set to begin trading on Nasdaq under the ticker "GEMI" with Goldman Sachs and Citigroup as lead underwriters [3] Group 2 - The IPO follows a strategic investment from Nasdaq, which committed to purchasing $50 million worth of shares at the time of the IPO [3] - Despite reporting a net loss of $282.5 million in the first half of 2025, Gemini joins the trend of digital-asset firms going public, becoming the third publicly traded crypto exchange after Coinbase and Bullish [4] - Gemini's business includes over-the-counter trading, a cryptocurrency-backed credit card, and support for major tokens like Bitcoin and Ethereum [4]

IPO for the crypto currency exchange founded by billionaires Tyler and Cameron Winklevoss ups its price range ahead of its debut, in a sign of strong interest. ...

Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has drawn over 20 times as many orders for its planned U.S. initial public offering as there are available sh... ...

FTX execs summoned to court once more. | Credit: Tom Williams/CQ-Roll Call, Inc via Getty Images. Key Takeaways 3AC alleges FTX illegally liquidated $1.5 billion of its positions. The exchange claimed that 3AC held just $284 million. FTX will begin a third round of creditor repayments at the end of September. Three Arrows Capital (3AC) is compelling FTX execs Sam Bankman-Fried (SBF), Caroline Ellison, and Ryan Salame to return to court as its legal case against the defunct exchange drags on. Back ...

Core Insights - Binance US has significantly reduced trading fees to near-zero in an effort to regain market share, now offering 0% maker fees and 0.01% taker fees on over 20 crypto pairs [1][3] - Despite these aggressive fee cuts, Binance US's market share has plummeted to just 0.20%, with daily trading volumes at only $15.5 million compared to competitors like Coinbase and Kraken [2][4] Fee Structure and Market Position - The recent fee reduction is Binance US's second major attempt to capture market share, following the launch of zero-fee Bitcoin trading in June 2022 [3] - The current pricing model positions Binance US as potentially the lowest-cost trading venue in the U.S., undercutting Coinbase and Kraken's fees [7] Trading Volume Decline - Trading volumes have collapsed by 99%, dropping from nearly $5 billion weekly in March 2023 to around $40 million by September 2023, largely due to legal challenges from the SEC [4] - Following the SEC's lawsuit, Binance US experienced $1.43 billion in net outflows within 24 hours as traders withdrew funds amid fears of frozen assets [5] Legal and Operational Challenges - The SEC filed multiple charges against Binance and its CEO in June 2023, alleging the operation of an unregistered securities exchange [4] - Even after the SEC dismissed its lawsuit in May 2025, trading activity did not recover significantly, indicating ongoing challenges for the exchange [6]

Investors with a lot of money to spend have taken a bearish stance on Coinbase Global COIN.And retail traders should know.We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with COIN, it often means somebody knows something is about to happen.So how do we know what these investors just did? Today, Benzinga's options scanner spotted 9 ...

Financial Performance - Gemini's total revenues for 2024 reached $142.2 million, a 44.8% increase from the previous year, but revenues for the first half of 2025 were $68.6 million, down 7.7% year-over-year [1] - Net losses narrowed to $158.5 million in 2024 from $319.7 million in 2023, but for the first half of 2025, losses surged to $282.5 million, significantly higher than the $41.4 million in the same period last year [1] - Monthly transacting users increased to 523,000 in H1 2025 from 497,000 in H1 2024, and lifetime transacting users rose to 1.5 million by June 30, 2025, up from 1.4 million the previous year [6] - Platform assets nearly doubled to $18.2 billion at the end of 2024 from $9.7 billion at the end of 2023, but remained unchanged in H1 2025 compared to $13.9 billion in H1 2024 [7] - Trading volume increased over threefold in 2024 to $38.6 billion from $12.5 billion in 2023, with H1 2025 trading volume at $24.8 billion, up from $16.6 billion in H1 2024 [7] - Net cash outflow from operating activities narrowed to $18.5 million in H1 2024 from $95.4 million in H1 2023, but the cash balance of $42.8 million in 2024 was significantly lower than the short-term debt of about $680 million [8] Company Overview - Gemini is looking to raise over $300 million by selling 16.7 million shares priced between $17 and $19, and received a $50 million investment from Nasdaq prior to its IPO [3] - Founded in 2014, Gemini Space Station is a cryptocurrency exchange and custodial platform serving both retail and institutional clients globally, offering a range of services including crypto-exchange, custody, derivatives trading, and NFT-focused Web3 studio [3][4] - The company has processed over $830 billion in transfers and has over $21 billion in assets under custody since its inception [12] Market Position and Strategy - The cryptocurrency market is projected to grow to $264 billion by 2030, providing Gemini with significant expansion opportunities despite its smaller size compared to established peers like Coinbase and Binance [11][12] - Gemini's growth strategy focuses on increasing monthly transacting users, boosting trading volume, expanding internationally, and pursuing M&A opportunities, with a strong emphasis on institutional clients [13] - The company offers its own stablecoin, GUSD, which is regulated by the New York State Department of Financial Services, providing a unique advantage in terms of compliance and security for institutional clients [14][15] Future Outlook - Gemini should aim to enhance user acceptance and achieve operational profitability as a priority, which would facilitate a transition to net profitability [10] - The company is positioned to become the preferred exchange for institutional clients, differentiating itself from retail-focused competitors [16] - The IPO is considered a "Subscribe" candidate for long-term investors seeking differentiated exposure to the crypto space, although short-term enthusiasm should be tempered [17]

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American cryptocurrency exchange Coinbase (COIN) is one of the stocks that ProShares has identified with the capacity to create opportunities for consumers and investors. The firm made a strong statement recently as it rolled out a new Exchange Traded Fund (ETF) to track the Coinbase stock price. Coinbase Receives Recognition for Its Innovations The newly-launched ProShares Ultra COIN (COIA) is designed to target 2x daily returns of Coinbase, marking an expansion of the former’s product lineup. According ...