Gemini Space Station
GEMI · NasdaqOperating co.MediumUnited States
BTC held
5,528
as of Aug 14, 2026 · 0.026% of 21M
Value now
$427M
at BTC $77,259
Basic mNAV
1.31×
mkt cap $558M as of Aug 31, 2026
Sats per share
4,264
130M shares as of Aug 31, 2026
Cost basis
- Average cost per BTC
- —
- Total invested
- —
- Unrealized gain
- —
Treasury debt
- Related-party loans (Winklevoss entities) per Q2 2026 10-Q; reporting indicates roughly 80% of the bitcoin position was financed by borrowing from the Winklevoss twins' vehicles. Not convertible notes.$259M
- Bitcoin-collateralized credit facility from Galaxy Digital per Q2 2026 10-Q. A separate $146.9M Ripple warehouse credit line funds credit-card receivables, not BTC.$75M
Recent activity
Grew its corporate bitcoin treasury to 5,528 BTC by August 2026, including ~572 BTC (~$43M) transferred in from Winklevoss Capital in April 2026; the buildup has been financed largely through related-party loans rather than market equity raises. H1 2026 revenue was $95.7M (up from $68.6M) with a $216.7M net loss.
Risk notes
Persistent large net losses and a share price down sharply from the late-2025 IPO; treasury is leveraged via $258.8M of related-party loans and a $75M BTC-collateralized Galaxy facility, and no clean company-stated cost basis for the 5,528 BTC is disclosed (CoinGecko's $235M cost figure covers only 4,827 BTC as of late 2025). Exchange competition and crypto-volume dependence are ongoing operating risks.
Sources
- https://bitcointreasuries.net/public-companies/gemini-space-station-inc
- https://cryptobriefing.com/gemini-bitcoin-treasury-324m/
- https://www.stocktitan.net/sec-filings/GEMI/10-q-gemini-space-station-inc-quarterly-earnings-report-3f7e2d756ef7.html
- https://www.coingecko.com/en/treasuries/companies/gemini-space-station
- https://stockanalysis.com/stocks/GEMI/
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding GEMI securities.