Gemini Plans Nasdaq Listing With 16.7 Million Share IPO Filing

Gemini Space Station Inc., better known simply as Gemini, has taken a big step toward going public. The U.S. crypto exchange confirmed it has filed plans to sell 16.7 million shares of Class A common stock as part of its initial public offering.

Good to know

• Shares are expected to price between $17 and $19 under the ticker symbol “GEMI.”
• Underwriters have a 30-day option to purchase an extra 2.4 million shares from Gemini and over 103,000 from current holders.
• Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are leading the offering.

The exchange intends to list its stock on the Nasdaq Global Select Market, though the offering will only move forward once the U.S. Securities and Exchange Commission gives approval. Until the registration is declared effective, no shares can trade.

Gemini’s S-1 filing also names a long list of financial institutions involved in the deal. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are the lead managers, supported by Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, KBW, Needham & Company, and Rosenblatt. Academy Securities, AmeriVet Securities, and Roberts & Ryan are acting as co-managers.

While preparing for its public debut, Gemini has also been rolling out new consumer products. Just last week, the exchange introduced a co-branded credit card with Ripple designed to bring XRP into everyday payments.

The card, issued by WebBank and running on Mastercard’s network, carries no annual fee, no exchange fee, and no foreign transaction fee. Rewards are paid directly in XRP and deposited into a Gemini wallet, where users can hold, swap, or cash out. Partner merchants may offer up to 10% back in rewards, and early applicants approved by June 30, 2025, are eligible for a $200 XRP bonus after spending $3,000 within the first 90 days.