Value Investor
Start free

Gemini Space Station

GEMI on Nasdaq. Gemini Space Station sells crypto trading, custody, and related services to individuals and institutions. Market value $605m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

We can't pin down how many shares it has, so we don't rank it.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
Not reported

We don't have this figure for this company.

Price to book
quarterly report to June 2026
0.4×

What you pay for each dollar of net assets: $0.37.

Earnings yield
past 12 months to June 2026
-294.8%

Profit per $100 you pay: $-294.83.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$4.67 a share, 38% above its 1-year low

Over the past year the price has ranged from $3.38 to $26.44.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
2025
Revenue
$180m
Operating margin
n/a
Debt to equity
n/a
Shares outstanding
0.04bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
31 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

None of the long-term investors we follow own it. 97 funds in all.

Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Winklevoss Capital Fund, LLC
    Insider or founder
    at least 65.1%+1.2 pts
    (filed with 3 related holders)
    Since 14 May 2026
    What they said

    The information set forth in Items 3 and 6 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. The Reporting Persons initially acquired beneficial ownership of the Class A Shares for investment purposes. The Reporting Persons intend to continue to…

    Read the filing
  • Winklevoss Capital Management, LLC
    Passive investor
    at least 63.9%
    (filed with 2 related holders)
    Since 30 September 2025
  • BlackRock, Inc.
    Passive investor
    5.5%
    Since 30 June 2026
  • Mark W. Yusko
    Passive investor
    at least 4.8%−1.5 pts
    (filed with 2 related holders)
    Since 1 May 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 2 sold $482,969, $32,157 of it under preset trading plans.

  • Stojanovic Danijela
    Interim CFO
    Sold
    under a preset trading plan
    Date
    20 August 2026
    Shares
    7,940
    Price
    $4.05
    Value
    $32,157
  • Stojanovic Danijela
    Interim CFO
    Sold
    Date
    2 July 2026
    Shares
    8,438
    Price
    $4.44
    Value
    $37,465
  • Stojanovic Danijela
    Interim CFO
    Sold
    Date
    20 May 2026
    Shares
    11,700
    Price
    $5.05
    Value
    $59,085
  • Jaitly Sachin Chand
    Director
    Sold
    Date
    11 March 2026
    Shares
    39,708
    Price
    $8.92
    Value
    $354,262

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Gemini Space Station’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 3 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on such evaluation, our Chief Executive Officer and Interim Chief Financial Officer have concluded that as of such date, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses in our internal control over financial reporting previously identified and disclosed in the Company’s final prospectus, dated September 11, 2025, filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, in connection with the IPO (the "Prospectus").”
    Show the full paragraph
    Our management, with the participation of our Chief Executive Officer and Interim Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d- 15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Interim Chief Financial Officer have concluded that as of such date, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses in our internal control over financial reporting previously identified and disclosed in the Company’s final prospectus, dated September 11, 2025, filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, in connection with the IPO (the "Prospectus").

    From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.