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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number 001-42836

______________________________

Gemini Space Station, Inc.

(Exact name of registrant as specified in its charter)

______________________________


Nevada (State or other jurisdiction of incorporation or organization)						33-3263417 (I.R.S. Employer Identification Number)
600 Third Avenue, 2nd Floor, New York, NY 1						10016
(Address of principal executive offices)						(Zip Code)
(646) 751-4401 (Registrant's telephone number, including area code)


	Securities registered pursuant to section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Class A common stock, par value of $0.001 per share	GEMI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


			Large accelerated filer ☐						Accelerated filer ☐
			Non-accelerated filer ☒						Smaller reporting company ☐
									Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of November 7, 2025, the registrant had outstanding 42,526,934 and 75,126,784 of shares of Class A and Class B common stock, respectively, each with a par value of $0.001.

1 We use this address for receiving mail and correspondence to our principal executive office located in New York, NY.

TABLE OF CONTENTS



			Page
P art I - Financial Information
Item 1. Financial Statements (Unaudited)			4
Condensed Consolidated Balance Sheets			4
Condensed Consolidated Statements of Operations and Comprehensive Loss			6
Condensed Consolidated Statements of Changes in Convertible Preferred Units and Stockholders' Equity			7
Condensed Consolidated Statements of Cash Flows			9
Notes to Condensed Consolidated Financial Statements			11
Item 2 . Man agement's Discussion and Analysis of Financial Condition and Re su lts of Operations			57
Item 3 . Quantitative and Qua litative Disclosures About Market Risk			79
Item 4 . Controls and Proc edures			81
Part I I - Other Information
Item 1. Legal Proceedings			83
Item 1A. Risk Factors			83
Item 2. Unregiste red Sale of E quity Securities and Use of Proceeds			159
Item 3 . Defaults Upon Senior Securities			160
Item 4. Mine Safe ty Disclosures			160
Item 5 . Other Information			160
Item 6 . Exhibits			161
Signatures			162

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that reflect our current views with respect to, among other things, future events and our future business, operating results, financial condition, prospects, the impact of potential acquisitions and dispositions, and our strategy for growth. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates, and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•our future financial performance, including our expectations regarding our net revenue, operating expenses, and our ability to achieve and maintain future profitability;

•our ability to effectively manage our growth;

•anticipated trends, growth rates, and challenges in our business, the cryptoeconomy, and in the markets in which we operate;

•market acceptance of our products and services;

•objectives for future operations;

•our ability to further penetrate our existing user base and maintain and expand our user base;

•our ability to develop new products and services and grow our business in response to changing technologies, user demand, and competitive pressures;

•our expectations concerning relationships with third parties;

•our ability to maintain, protect, and enhance our intellectual property;

•the effects of increased competition in our markets and our ability to compete effectively;

•future acquisitions of or investments in complementary companies, products, services, or technologies and our ability to successfully integrate such companies or assets;

•our ability to comply with laws and regulations that currently apply or become applicable to our business both in the United States and internationally;

•economic and industry trends, projected growth, or trend analysis;

•trends in revenue, cost of revenue, and gross margin;

•trends in operating expenses, including technology expenses, sales and marketing expenses, and general and administrative expenses, and expectations regarding these expenses; and

•other statements regarding our future operations, financial condition, and prospects and business strategies.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and trends that we believe may affect our business strategy, operating results, financial condition, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, including described in the section titled “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon these forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q, except as required by law.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by the cautionary statements contained in this section and elsewhere in this Quarterly Report on Form 10-Q.

Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to “Gemini,”

the “Company”, the “Corporation,” “we,” “our,” “us,” or similar terms refer to Gemini Space Station, Inc. and its

subsidiaries.

Part I—Financial Information

Item 1. Financial Statements

Gemini Space Station, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except par value)

(unaudited)


	September 30,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	487,462	$	42,847
Restricted cash and cash equivalents	87,731		28,383
Customer custodial funds	532,804		575,628
Crypto assets held	674,963		470,101
Receivable, crypto assets pledged	180,179		168,300
Accounts receivable, net(1)	84,215		65,368
Credit card receivables pledged	67,918		—
Prepaid expenses and other current assets	26,881		37,134
Total current assets	2,142,153		1,387,761
Software, property and equipment, net	14,818		17,152
Intangible assets, net	145,365		162,143
Other non-current assets	35,874		26,872
Total assets	$	2,338,210	$	1,593,928
Liabilities, Convertible Units, and Members' Deficit
Current liabilities:
Custodial funds due to customers	$	532,676	$	574,080
Accounts payable	5,352		17,568
Accrued expenses(2)	67,579		38,907
Third party loans	192,507		117,612
Related party loans	777,279		562,162
Funding debt	49,204		—
Other current liabilities	40,101		38,448
Total current liabilities	1,664,698		1,348,777
Non-current liabilities:
Lease liabilities	19,950		20,153
Related party convertible notes	—		248,783
Related party loans	—		237,209
Total non-current liabilities	19,950		506,145
Total liabilities	1,684,648		1,854,922
Commitments and contingencies (Note 22)
Convertible preferred units: 30,955 Series A Units authorized, issued and outstanding with an aggregate liquidation preference of $223,022 as of December 31, 2024; 8,910 Series B Units authorized as of December 31, 2024; 8,887 Series B Units issued and outstanding as of December 31, 2024; and the Series B Units had an aggregate liquidation preference of $423,903 as of December 31, 2024. No shares authorized, issued, and outstanding as of September 30, 2025.	—		534,368
Stockholders' equity
Common Units: 54,201 Common Units authorized as of December 31, 2024; 50,761 Common Units issued and outstanding as of December 31, 2024. No shares authorized, issued, and outstanding as of September 30, 2025.	—		—
Class A common stock, par value $0.001 per share; No shares authorized, issued and outstanding as of December 31, 2024; 1,000,000 shares authorized, 42,519 shares issued and outstanding as of September 30, 2025	43		—
Class B common stock, par value $0.001 per share; No shares authorized, issued and outstanding as of December 31, 2024; 100,000 shares authorized, and 75,127 shares issued and outstanding as of September 30, 2025	75		—

See accompanying notes to the condensed consolidated financial statements.

Gemini Space Station, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except par value)

(unaudited)


Preferred stock, par value $0.001 per share; No shares authorized, issued and outstanding as of December 31, 2024; 20,000 shares authorized, no shares issued and outstanding as of September 30, 2025	—		—
Treasury stock at cost; 0 and 23 shares as of December 31, 2024 and September 30, 2025, respectively	(568)		—
Additional paid-in capital	2,549,067		662,091
Accumulated other comprehensive income	7,375		2,987
Accumulated deficit	(1,902,430)		(1,460,440)
Total stockholders’ equity (deficit)	653,562		(795,362)
Total liabilities, convertible units, and stockholders’ equity	$	2,338,210	$	1,593,928
__________________
(1) Includes related party amounts of $0.2 million in Accounts receivable, net as of both September 30, 2025 and December 31, 2024, as outlined in Note 21. Related Party Transactions.
(2) Includes related party amounts of $0 and $0.1 million in Accrued expenses as of September 30, 2025 and December 31, 2024, respectively, as outlined in Note 21. Related Party Transactions.

See accompanying notes to the condensed consolidated financial statements.

Gemini Space Station, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share data)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue:
Net revenue(1)	$	49,775	$	24,356	$	117,689	$	97,880
Other revenue	843		186		1,540		985
Total revenue	50,618		24,542		119,229		98,865
Operating expenses:
Salaries and compensation	82,523		34,175		153,624		101,657
Technology(2)	20,317		15,579		54,790		47,460
General and administrative(3)	19,335		13,822		52,582		44,782

Transaction losses	7,693		4,727		15,376		16,604
Sales and marketing	32,926		4,259		58,084		11,259
Transaction processing	8,617		4,262		19,028		14,188
Total operating expenses	171,411		76,824		353,484		235,950
Operating loss	(120,793)		(52,282)		(234,255)		(137,085)
Other income (expense):
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged	106,809		(19,844)		144,664		233,950
Realized and unrealized gain (loss) on related party crypto loans	(83,096)		4,989		(145,144)		(216,747)
Change in fair value on related party convertible notes	(8,178)		(9,775)		(25,789)		(23,296)
Change in fair value on related party loans	(24,989)		—		(119,309)		—
Interest expense on related party loans	(17,847)		(11,235)		(48,090)		(29,662)
Interest expense on third party loans	(4,655)		(2,994)		(11,148)		(9,001)
Interest expense on funding debt	(314)		—		(314)		—
Other income (expense), net	(7,637)		(58)		(8,727)		53,221
Total other income (expense), net	(39,907)		(38,917)		(213,857)		8,465
Net loss before income taxes	(160,700)		(91,199)		(448,112)		(128,620)
Income tax benefit (provision)	1,186		1,019		6,122		(2,932)
Net loss	$	(159,514)	$	(90,180)	$	(441,990)	$	(131,552)
Net loss per share attributable to common stockholders
Basic	$	(6.67)	$	(18.33)	$	(39.02)	$	(26.75)
Diluted	$	(6.67)	$	(18.33)	$	(39.02)	$	(26.75)
Weighted average shares outstanding - basic and diluted:	23,931		4,920		11,327		4,918
Net loss	$	(159,514)	$	(90,180)	$	(441,990)	$	(131,552)
Other comprehensive income (loss):
Foreign currency translation, net of tax	(792)		3,895		1,117		1,163
Change in fair value attributable to instrument-specific credit risk	—		(1,067)		3,271		2,261
Total other comprehensive income (loss)	(792)		2,828		4,388		3,424
Comprehensive loss	$	(160,306)	$	(87,352)	$	(437,602)	$	(128,128)
__________________
(1) Net revenue includes related party amounts of $0.7 million and $1.9 million for the three and nine months ended September 30, 2025, respectively and $0.4 million and $1.6 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.
(2) Technology expenses includes related party amounts of $0.5 million and $0.7 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.7 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.
(3) General and administrative expenses includes related party amounts of $0.6 million and $0.8 million for the three and nine months ended September 30, 2025, respectively, and $0 for the three and nine months ended September 30, 2024, as outlined in Note 21. Related Party Transactions.

See accompanying notes to the condensed consolidated financial statements.

Gemini Space Station, Inc.

Condensed Consolidated Statements of Changes in Convertible Preferred Units and Stockholders' Equity

(in thousands)

(unaudited)


	Convertible Preferred Units			Common Units			Common Stock			Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total
	Units	Amount		Units	Amount		Shares	Amount		Shares	Amount


Balance at June 30, 2025	39,842	$	534,368	68,383	$	—	—	$	—	—	$	—	$	665,299	$	8,167	$	(1,742,916)	$	(1,069,450)
Issuance of Common Units due to equity awards granted, net of forfeitures	—	—		2,875	—		—	—		—	—		—		—		—		—
Issuance of common stock in connection with IPO, net of underwriting discounts and commissions and offering costs	—	—		—	—		15,479	15		—	—		391,149		—		—		391,164
Issuance of common stock in connection with concurrent private placement with Nasdaq	—	—		—	—		1,905	2		—	—		49,998		—		—		50,000
Conversion of convertible preferred units to common stock in connection with IPO	(39,842)	(534,368)		—	—		54,541	55		—	—		534,314		—		—		534,369
Conversion of convertible notes and related party terms loans to common stock in connection with IPO	—	—		—	—		31,056	31		—	—		869,537		—		—		869,568
Conversion of Common Units to common stock in connection with IPO	—	—		(71,258)	—		14,403	15		—	—		(52)		—		—		(37)




Issuance of common stock upon settlement of RSUs, net of shares withheld	—	—		—	—		262	—		—	—		(6,929)		—		—		(6,929)


Shares withheld for employee tax withholdings	—	—		—	—		—	—		(23)	(568)								(568)
Stock-based compensation	—	—		—	—		—	—		—	—		45,751		—		—		45,751
Net loss	—	—		—	—		—	—		—	—		—		—		(159,514)		(159,514)
Other comprehensive income	—	—		—	—		—	—		—	—		—		(792)		—		(792)
Balance at September 30, 2025	—	$	—	—	$	—	117,646	$	118	(23)	$	(568)	$	2,549,067	$	7,375	$	(1,902,430)	$	653,562

Balance at June 30, 2024	39,842	$	534,368	50,259	$	—	—	$	—	—	$	—	$	659,640	$	1,692	$	(1,343,266)	$	(681,934)
Issuance of Common Units due to equity awards granted, net of forfeitures	—	—		548	—		—	—		—	—		—		—		—		—
Stock-based compensation	—	—		—	—		—	—		—	—		1,338		—		—		1,338
Net loss	—	—		—	—		—	—		—	—		—		—		(90,180)		(90,180)
Other comprehensive income	—	—		—	—		—	—		—	—		—		2,828		—		2,828
Balance at September 30, 2024	39,842	$	534,368	50,807	$	—	—	$	—	—	$	—	$	660,978	$	4,520	$	(1,433,446)	$	(767,948)

See accompanying notes to the condensed consolidated financial statements.

Gemini Space Station, Inc.

Condensed Consolidated Statements of Changes in Convertible Preferred Units and Stockholders' Equity

(in thousands)

(unaudited)


	Convertible Preferred Units			Common Units			Common Stock			Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total
	Units	Amount		Units	Amount		Units	Amount		Units	Amount


Balance at December 31, 2024	39,842	$	534,368	50,761	$	—	—	$	—	—	$	—	$	662,091	$	2,987	$	(1,460,440)	$	(795,362)
Issuance of Common Units due to equity awards granted, net of forfeitures	—	—		20,497	—		—	—		—	—		—		—		—		—
Issuance of common stock in connection with IPO, net of underwriting discounts and commissions and offering costs	—	—		—	—		15,479	15		—	—		391,149		—		—		391,164
Issuance of common stock in connection with concurrent placement with Nasdaq	—	—		—	—		1,905	2		—	—		49,998		—		—		50,000
Conversion of convertible preferred units to common stock in connection with IPO	(39,842)	(534,368)		—	—		54,541	55		—	—		534,314		—		—		534,369
Conversion of convertible notes and related party terms loans to common stock in connection with IPO	—	—		—	—		31,056	31		—	—		869,537		—		—		869,568
Conversion of Common Units to common stock in connection with IPO	—	—		(71,258)	—		14,403	15		—	—		(52)		—		—		(37)




Issuance of common stock upon settlement of stock awards, net of shares withheld	—	—		—	—		262	—		—	—		(6,929)		—		—		(6,929)


Shares withheld for employee tax withholdings	—	—		—	—		—	—		(23)	(568)		—		—		—		(568)
Stock-based compensation	—	—		—	—		—	—		—	—		48,959		—		—		48,959
Net loss	—	—		—	—		—	—		—	—		—		—		(441,990)		(441,990)
Other comprehensive income	—	—		—	—		—	—		—	—		—		4,388		—		4,388
Balance at September 30, 2025	—	$	—	—	$	—	117,646	$	118	(23)	$	(568)	$	2,549,067	$	7,375	$	(1,902,430)	$	653,562

Balance at December 31, 2023	39,842	$	534,368	49,694	$	—	—	$	—	—	$	—	$	656,495	$	1,096	$	(1,301,894)	$	(644,303)
Issuance of Common Units due to equity awards granted, net of forfeitures	—	—		1,113	—		—	—		—	—		—		—		—		—
Stock-based compensation	—	—		—	—		—	—		—	—		4,483		—		—		4,483
Net loss	—	—		—	—		—	—		—	—		—		—		(131,552)		(131,552)
Other comprehensive income	—	—		—	—		—	—		—	—		—		3,424		—		3,424
Balance at September 30, 2024	39,842	$	534,368	50,807	$	—	—	$	—	—	$	—	$	660,978	$	4,520	$	(1,433,446)	$	(767,948)

See accompanying notes to the condensed consolidated financial statements.

Gemini Space Station, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities
Net loss	$	(441,990)	$	(131,552)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	23,189		24,656


Change in fair value on related party convertible notes	25,789		23,296
Change in fair value on related party loans	119,309		—
Realized and unrealized gain on crypto assets and receivable, crypto assets pledged	(144,664)		(233,950)
Realized and unrealized loss on related party crypto loans	145,144		216,747
Provision for transaction losses	15,376		16,604
Stock-based compensation	48,959		4,483
Crypto assets received as revenue	(23,680)		(14,473)
Crypto asset payments for expenses	33,629		94,447
Warrants received as revenue	(2,098)		—
Non-cash lease expense	3,105		3,214
Other operating activities, net	(1,171)		5,914
Changes in operating assets and liabilities:
Purchase of crypto assets	(143,037)		(41,698)
Disposal of crypto assets	212,360		60,577
Accounts receivable	(11,603)		(15,882)
Other assets	137,210		67,766
Accounts payable and accrued expenses	12,498		(145,112)
Payables due to related parties	29,540		27,024
Payables due to third parties	5,913		7,970
Payables due for funding debt	314		—
Lease liabilities	(4,359)		(3,999)
Other liabilities	(119,932)		(70,385)
Net cash used in operating activities	(80,199)		(104,353)
Cash flows from investing activities
Proceeds from disposal of crypto assets	93,809		131,662
Purchases of credit card receivables	(646,827)		(321,946)
Proceeds from repayments of credit card receivables	561,829		273,727
Capitalization of internally developed software costs	(3,501)		(3,089)

Purchase of software, property and equipment	(1,507)		(445)

Purchase of equity investments	(59)		(350)

Net cash provided by investing activities	3,744		79,559
Cash flows from financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs	397,306		—
Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq	50,000		—
Custodial funds due to customers, net of redemptions	(40,455)		60,365
Proceeds from related party convertible notes	—		24,568
Proceeds from related party loans	15,100		—
Proceeds from third party loan, net of discount	74,250		—


Proceeds from funding debt	99,040		—
Repayment of funding debt	(50,150)		—

Payment of withholding taxes on settlement of restricted stock units	(6,929)		—
Payment for tax withholdings related to net share settlements of equity awards	(568)		—
Net cash provided by financing activities	537,594		84,933
Net increase in cash, cash equivalents, restricted cash and cash equivalents	461,139		60,139
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period	646,858		446,830
Cash, cash equivalents, restricted cash and cash equivalents, end of period	$	1,107,997	$	506,969

Gemini Space Station, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Nine Months Ended September 30,
	2025		2024
Cash, cash equivalents, restricted cash and cash equivalents consisted of the following:
Cash and cash equivalents	$	487,462	$	38,613
Restricted cash and cash equivalents	87,731		21,320
Customer custodial funds	532,804		447,036
Total cash, cash equivalents, restricted cash and cash equivalents	$	1,107,997	$	506,969

Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	23,635	$	4,378
Cash paid during the period for income taxes	531		361







Supplemental schedule of non-cash investing and financing activities
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering	$	804,297	$	—
Conversion of convertible preferred units to common stock in connection with initial public offering	534,368		—
Related party loans received in crypto assets	418,458		157,988
Conversion of related party loans into related party convertible notes	246,245		—
Repayments of related party loans denominated in crypto assets	151,378		185,985
Credit card receivables posted as collateral for funding debt	67,918		—
Crypto assets posted (returned) as collateral for third party loans, net	46,096		58,035
Crypto assets received as collateral for derivatives	6,007		4,916
Repayment of third party loan interest denominated in crypto	5,417		8,024
Deferred offering costs not yet paid	6,141		—
Change in fair value attributable to instrument-specific credit risk	3,271		2,261


Related party convertible notes received in crypto assets	—		45,329

See accompanying notes to the condensed consolidated financial statements.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Description of Business

Gemini Space Station, Inc., (the "Corporation", “Company”, “Gemini”, or “Space Station”) a Nevada corporation, was formed on February 4, 2025 with a fiscal year end of December 31. Pursuant to a reorganization, the Corporation is a holding company, and its principal asset is a controlling equity interest in Gemini Space Station, LLC (“GSS, LLC”), a related party. The Corporation is the sole managing member of GSS, LLC and controls all of the businesses and affairs of GSS, LLC.

The Company offers a mobile and web based crypto asset exchange platform, proprietary wallet infrastructure and custody solutions, high-performance over-the-counter trading solutions tailored to institutions and professionals, a digital art auction platform, a proprietary United States dollar-backed stablecoin, a crypto asset staking service and a credit card product that offers crypto asset rewards on customer purchases. The Company operates globally and provides security solutions across all of its product offerings.

Certain subsidiaries are regulated and/or indirectly impacted by various state, federal and self-regulatory organizational governing bodies such as the New York State Department of Financial Services ("NYSDFS") and the Financial Industry Regulatory Authority ("FINRA").

Initial Public Offering and Concurrent Private Placement

In September 2025, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 15.9 million shares of its Class A common stock at a public offering price of $28.00 per share, which includes the exercise in full by the underwriters of their option to purchase from the Company an additional 0.3 million shares of the Company’s Class A common stock and 0.5 million shares of the Company’s Class A common stock from the selling stockholders. The sale of shares by the selling stockholders did not result in any proceeds to the Company. Net proceeds from the IPO were $406.3 million after deducting the underwriting discounts and commissions and before deducting offering costs of $15.2 million. Deferred, direct offering costs were capitalized and consisted of fees and expenses incurred in connection with the sale of the Company's common stock in the IPO, including legal, accounting, printing and other offering related costs. Upon completion of the IPO, these deferred offering costs were reclassified from current assets to stockholders’ equity and recorded against the net proceeds from the offering. Concurrent with the IPO, Nasdaq, Inc. ("Nasdaq") entered into an agreement with the Company to purchase 1.9 million shares of Class A common stock in a private placement at $26.25 per share. The gross proceeds to the Company from the concurrent private placement were $50.0 million.

In connection with the completion of the IPO, the Company filed its Amended and Restated Articles of Incorporation effective September 15, 2025 (the “Articles of Incorporation”), which authorized a total of 1.1 billion shares of common stock, par value $0.001 per share (the “Common Stock”), consisting of 1.0 billion shares of Class A common stock, par value $0.001 per share and 100.0 million shares of Class B common stock, par value $0.001 per share, and 20.0 million shares of preferred stock, par value $0.001 per share.

In connection with the IPO, 1) all shares of the Company's outstanding convertible preferred units automatically converted into 15.1 million shares of Class A common stock and 39.4 million shares of Class B common stock, 2) all of the outstanding related party convertible notes and related party term loans automatically converted into 31.1 million shares of Class B common stock, and 3) all outstanding shares of Common Units were converted into 9.8 million shares of Class A common stock and 4.6 million shares of Class B common stock. As a result, following the completion of the IPO, the Company has two classes of authorized common stock: Class A common stock and Class B common stock, which were outstanding as of September 30, 2025.

2. Summary of Significant Accounting Policies

Basis of presentation

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The accompanying unaudited condensed consolidated financial statements include the accounts of Gemini Space Station, LLC, and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting. The unaudited interim financial statements have been prepared on the same basis as the audited consolidated financial statements and in the opinion of management, reflect all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company's financial statements for the periods presented.

These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024 included in the Company's final prospectus, dated September 11, 2025, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Prospectus”) in connection with the IPO. There have been no material changes in the Company's significant accounting policies or segment reporting as described in the audited annual consolidated financial statements as of and for the year ended December 31, 2024.

Certain reclassifications have been made to prior period amounts to conform to the current period’s presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net loss.

Use of estimates

The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are used for, but not limited to, the fair value of crypto assets, allowance for transaction losses, contingent liabilities, the Company's incremental borrowing rate, fair value of derivatives, fair value of convertible notes, fair value of strategic investments, fair value of stock-based awards issued prior to the IPO, fair value of stock options, fair value of compensatory warrants received or issued in connection with certain services agreements, the useful life of long-lived assets, and the recoverability of long-lived assets.

Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the Company’s unaudited condensed consolidated financial statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities.

Emerging Growth Company Status

The Company is an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act)”, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Under the JOBS Act emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Company has elected to avail itself of this extended transition period and, as a result, will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of the IPO or such earlier time that it is no longer an

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

emerging growth company. The Company would cease to be an emerging growth company on the last day of the fiscal year in which it has total annual gross revenues of $1.235 billion or more, has more than $700.0 million in market value of its stock held by non-affiliates (and it has been a public company for at least 12 months, and has filed on annual report on Form 10-K), or it issues more than $1.0 billion in non-convertible debt securities over a three-year period.

Customer custodial funds and custodial funds due to customers

Customer custodial funds represent restricted cash and cash equivalents maintained in segregated Company bank accounts that are held for the exclusive benefit of customers. The Company has restricted cash deposits at financial institutions related to the Gemini Dollar ("GUSD").

Customer custodial funds related to GUSD were $49.3 million and $58.7 million as of September 30, 2025 and December 31, 2024, respectively. Customer custodial funds due to customers related to GUSD were to $48.7 million and $58.4 million as of September 30, 2025 and December 31, 2024, respectively.

Credit card receivables pledged

Credit card receivables pledged represent credit card receivables which the Company has pledged as collateral for a warehouse credit facility with an unaffiliated third party. Refer to Note 15. Funding Debt for further details.

Concentration of credit risk

Certain financial instruments, primarily consisting of cash and cash equivalents, restricted cash and cash equivalents, customer custodial funds, and accounts receivable, may subject the Company to concentrations of credit risk. The Company generally maintains cash balances in excess of federally insured limits.

As of September 30, 2025 and December 31, 2024, the Company had no customers that accounted for more than 10% of the Company’s Accounts receivable, net.

In addition, during both the three and nine months ended September 30, 2025 and 2024, no customer accounted for more than 10% of Total revenue.

Warrants

The Company holds warrants from Empery Digital Inc. (“Empery”), formerly known as, Volcon, Inc., received as consideration for providing general asset management services and crypto asset custody services. The warrants give the Company the right to purchase up to 0.9 million shares of Empery's common stock at an exercise price equal to $10.00 per share. The warrants are subject to market-based vesting conditions tied to Empery’s stock price performance. The warrants vest and become exercisable in 20% increments upon Empery’s common stock achieving specified volume-weighted average prices, beginning at $10.00 per share and increasing in $5.00 increments up to $30.00 per share. Non-cash consideration in the form of warrants is measured at fair value on the grant date using a Monte Carlo simulation model, incorporating both observable inputs, such as stock price, exercise price, expected term, risk-free rate, dividend yield, equity volatility, and unobservable inputs, including the probability of achieving stock-price vesting conditions. Revenue related to these warrants is recognized over the estimated period that the related advisory and custodial services are provided, which is determined to be approximately one year, measured at the grant date fair value, and is recognized as advisory fee revenue (see Note 3. Revenue) included in Net revenue on the condensed consolidated statements of operations and comprehensive loss. The portion of non-cash consideration received in advance of satisfying the related performance obligation is included in Other current liabilities on the condensed consolidated balance sheets.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The vested warrants meet the definition of a derivative under ASC 815, Derivatives and Hedging, and are recorded as derivative assets at fair value based on the grant date fair value of the vested portion and are included Other non-current assets on the condensed consolidated balance sheets. Subsequent changes in fair value are recognized in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. A warrant receivable, representing the unvested portion of the warrants, is included in Other non-current assets on the condensed consolidated balance sheets. As of September 30, 2025, 40% of the warrants' vesting conditions have been met.

Cash flows from revenue related to warrants are recognized as adjustments to reconcile Net loss to Net cash used in operating activities in the condensed consolidated statements of cash flows.

Sales and marketing

Sales and marketing expense includes primarily credit card rewards and advertising costs. Advertising costs are expensed as incurred.

During the three and nine months ended September 30, 2025, advertising expense was $17.9 million and $28.6 million, respectively. During the three and nine months ended September 30, 2024, advertising expense was $1.1 million and $1.7 million, respectively

Stock-based compensation

Stock plans

Following the IPO, the Company maintains two equity incentive plans: the Gemini Space Station, Inc. 2025 Omnibus Incentive Plan (the “Equity Plan”) and the Gemini Space Station, Inc. 2025 Employee Stock Purchase Plan (the “ESPP”).

The Equity Plan

The Equity Plan provides for the granting of stock options, RSUs, and restricted stock awards (“RSAs”). The number of shares available for grant and issuance under the Equity Plan will be automatically increased on January 1st of each of the first 10 fiscal years during the term of the Equity Plan by the lesser of (a) 5% of the total number of shares of all classes of the Company’s common stock issued and outstanding on each December 31st immediately prior to the date of increase or (b) such number of shares determined by the Board or the compensation committee of the Board.

ESPP

The ESPP allows eligible employees the option to purchase shares of the Company’s Class A common stock at a 15% discount through accumulated payroll deductions over 6-month offering periods commencing on each June 1 and December 1 period, subject to an annual statutory limitation of $25,000 per year. The purchase price is equal to 85% of the fair market value of the Company's common stock on the first date of an offering or the date of purchase, whichever is lower. The number of shares available for grant and issuance under the ESPP will be automatically increased on January 1st of each of the first 10 fiscal years during the term of the ESPP by the lesser of (a) 1% of the total number of shares of all classes of the Company’s common stock outstanding on each December 31st immediately prior to the date of increase, (b) 1,500,000 shares of common stock, or (c) such number of shares determined by the Board or the compensation committee of the Board.

Types of Awards

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Stock options

The Company grants non-qualified stock options (“NSOs”) with contractual periods of up to 10 years and at prices determined by the Board. NSOs were granted to certain executives of the Company. The exercise price of an option shall not be less than 100% of the estimated fair value of the underlying shares on the date of the grant.

Stock options vest upon the satisfaction of service-based and performance-based conditions. The performance condition is based on the achievement of specified Company stock-price targets during a seven-year performance period. Each award is divided into four tranches that vest upon the achievement of the corresponding stock-price targets. The service-based condition is satisfied as to 50% of the award upon continued service through August 15, 2028, and as to the remaining 50% upon continued service through August 15, 2030. If the applicable stock-price targets are not achieved within the performance period, the unearned portion of the award is forfeited. Upon certain qualifying terminations of employment or a change in control, service-based vesting may accelerate and/or vesting may occur on a prorated or interpolated basis in accordance with the award agreement. Upon vesting, one share of Class A common stock is issued from the Company’s authorized shares under the Equity Plan for each stock option.

RSUs

The Company grants RSUs to certain of its employees, directors, and consultants that vest upon the satisfaction of service-based condition. In general, RSUs vest over a service period of four years, with 25% vesting on the first anniversary of the vesting commencement date and 75% vesting in consecutive monthly or quarterly installments over the remaining three-year period. Upon vesting, one share of Class A common stock is issued from the Company’s authorized shares under the Equity Plan for each RSU. Participants are entitled to dividends and voting rights only upon vesting.

Restricted Stock Awards (“RSAs”)

The Company may issue shares of restricted Class A common stock to its employees, directors, and consultants. Participants are entitled to dividends and voting rights only upon issuance. Vesting of RSAs is dependent on the satisfaction of a service-based condition or performance condition. The Company has the right to repurchase shares at par value when the vesting condition is not satisfied.

Valuation of Awards

The Company estimates the fair value of RSUs and RSAs based on the fair value of the Company’s Class A common stock on the date of grant, which is the closing price of the Company’s Class A common stock as reported on the Nasdaq Global Select Market on the grant date.

The Company estimates the fair value of stock options with only service-based conditions and purchase rights under the ESPP on the date of grant using the Black-Scholes-Merton Option-Pricing Model. The model requires management to make a number of assumptions, including the fair value and expected volatility of the Company’s underlying common stock price, expected life of the option, risk-free interest rate, and expected dividend yield, which are calculated as follows:

•The fair value of the underlying stock is the fair value of the Company’s common stock on the date of grant, which is the closing price of the Company's Class A common stock as reported on the Nasdaq Global Select Market on the grant date.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

•The expected stock price volatility assumption for the Company’s stock is determined by using a weighted average of the historical stock price volatility of comparable companies from a representative peer group, as sufficient trading history for the Company’s common stock is not available.

•The Company uses historical exercise information and contractual terms of options to estimate the expected term.

•The risk-free interest rate for periods within the expected life of the option is based on the U.S. Treasury zero coupon bonds with terms consistent with the expected term of the award at the time of grant.

•The expected dividend yield assumption is based on the Company’s history and expectation of no dividend payouts.

The Company determines the fair value of performance awards subject to a market condition using a Monte Carlo Simulation Model (a binomial lattice-based valuation model). The Monte Carlo Simulation Model uses multiple input variables to determine the probability of satisfying the market condition requirements. The fair values of the awards are not subject to change based on future market conditions.

Expense Attribution

Stock-based compensation expense for RSUs, RSAs, and stock options with only service-based conditions, and purchase rights under the ESPP, is recorded on a straight-line basis over the requisite service period. The Company has elected to account for forfeitures of awards as they occur, with previously recognized compensation reversed in the period that the awards are forfeited.

The Company uses the accelerated attribution method to recognize expense over the requisite service period for performance awards, or tranches thereof, subject to a market condition. Once the associated market condition becomes probable of being achieved, stock-based compensation expense is recognized according to the market-based fair value measured on the grant date, subject to continued service over the period. This expense is recognized regardless of whether or not the market condition is ultimately satisfied.

Historical Awards

Common Units

Prior to the IPO, the Company issued three classes of common units (collectively referred to as the "Common Units") including basic common units (the "Basic Common Units"), catch up common units (the "Catch Up Common Units"), and capital common units A (the "Capital Common A Units"). The Company entered into profits interest compensation arrangements with employees and non-employees settled in the form of Basic Common Units and Catch Up Common Units of Gemini Astronaut Corps, LLC (the “Incentive Units”). Gemini Astronaut Corps, LLC was formed for the sole purpose of holding Basic Common Units and Catch Up Common Units of the Company. Each Incentive Unit awarded to a recipient directly corresponded to a Basic Common Unit or Catch Up Common Units of the Company that was held by Gemini Astronaut Corps, LLC, such that recipients indirectly received Common Units of the Company as awards.

The Incentive Units of Gemini Astronaut Corps, LLC and the corresponding Common Units of the Company were profits interests of Gemini Astronaut Corps, LLC and the Company, respectively.

The Company also issued phantom awards (the "Original Phantom Units") to certain employees. The vested Original Phantom Units entitled the recipients to receive equivalent cash payment when and if payments were made to Incentive Units. Upon certain separation events, vested Original Phantom Units are repurchased from recipients by the Company with cash, based on the fair value of Incentive Units as of the repurchase date. The Original Phantom Units were accounted for as a liability under ASC 710, Compensation, as they were not legal form equity and they did not provide recipients with the ability to retain residual interests upon vesting after termination.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Beginning in 2024, the Company granted phantom awards (the “Phantom Units”) with adjusted terms such that upon a termination event without cause, the Company would not repurchase with cash the vested Phantom Units. Instead, the recipient would retain the Phantom Units until a change in control event. As the repurchase event was not probable to occur as of the reporting date, the Phantom Units were treated as equity classified under ASC 718, Stock-Based Compensation.

Phantom Unit awards and certain Incentive Unit ("Service-Based Incentive Unit") awards vested solely according to service-based conditions. The service-based vesting condition was typically met over a four-year period, with 25% vesting on the first anniversary of the vesting commencement date and 75% vesting in consecutive monthly installments over the remaining three-year period. As the awards vested solely on service-based vesting conditions, the Company had elected to recognize expense using the straight-line method over the entire requisite service period of each individual grant.

The Original Phantom Units typically vested in a similar manner to the Phantom Units described above, however, under ASC 710, the Company recognized compensation expense associated with the Original Phantom Units based on their estimated present value. The expense was recorded straight-line over the service period of the award. The outstanding Original Phantom Unit liability was remeasured at each reporting period until the date on which the units are cash settled or repurchased.

Certain awards granted in 2020, for up to 1,300,000 Incentive Units, (the "Performance-Based Incentive Units") vested on the basis of achieving certain performance metrics relating to the gross monthly merchandise volume (“GMV”) of Nifty Gateway, LLC, a consolidated subsidiary, over a specified period, in addition to continuous service throughout such period. For these awards, recognition was performed using the accelerated attribution method, such that each individual vesting tranche was recognized over the requisite service period for that specific tranche. Recognition of expense for performance-based awards occurred to the extent the performance conditions were probable of being met, or had been met, as of each reporting date.

In January 2022, the Company entered into two asset acquisitions for which the Company granted sellers common stock units ("Service-Based Common Units") which vested solely according to service-based conditions for key employees. The number of Service-Based Common Units issued to sellers was based on the continued employment of certain key employees. The service-based vesting condition was met over a two year service period with 50% vesting on the first anniversary of the grant date and the remaining vesting at the end of the service period. The Company had elected to recognize expense using the straight-line method over the entire requisite service period of the grant.

Upon completion of the IPO in September 2025, all outstanding shares of Common Units were converted into 9.8 million shares of Class A common stock and 4.6 million shares of Class B common stock.

The Company has elected to account for the effects of all stock-based compensation forfeitures of awards at the time the forfeitures occur.

Stock-based compensation expense relating to Incentive Units, Service-Based Common Units, Phantom Units, stock options, RSUs and RSAs is included in Salaries and compensation on the condensed consolidated statements of operations and comprehensive loss. Bonus expense relating to Original Phantom Units is included in Salaries and compensation on the condensed consolidated statements of operations and comprehensive loss. Refer to the Note 18. Stock-Based Compensation for further details.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Income taxes

Prior to the IPO, the Company was a limited liability company treated as a partnership for U.S. federal and state income tax purposes. Accordingly, taxable income or loss was passed through to the Company’s members. As such, no recognition of income taxes for the Company has been provided for in the accompanying condensed consolidated financial statements prior to the IPO, with an exception for certain U.S. domestic corporations and certain foreign operations, as discussed below. Uncertain tax positions, if any, taken by the members are not uncertain positions of the Company.

The Company has wholly owned U.S. subsidiaries, including Gemini Intergalactic, LLC (“Intergalactic”) and others, that made an election to be taxed as an association taxable as a corporation for U.S. income tax purposes. Intergalactic, similar corporations, and certain wholly owned controlled foreign corporations (“CFCs”) owned by Intergalactic, follow the guidance of FASB ASC Topic 740, Income Taxes (“ASC 740”) for income tax purposes. In addition, any other U.S. C Corporations held by the Company also follow the same ASC 740 guidance (collectively, “Income Taxed Affiliates”). Prior to the IPO, the respective Income Taxed Affiliates record standalone tax provisions for the anticipated tax consequences of the reported results of operations.

Subsequent to the IPO, the Company is a corporation for U.S. federal and state income tax purposes. Accordingly, recognition of income taxes for the Company has been provided for in the accompanying condensed consolidated financial statements subsequent to the IPO.

Net loss per share

The Company computes net loss per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires income available to common stockholders for the period to be allocated between shares of common stock and participating securities based upon their respective rights to receive distributions as if all income for the period had been distributed. Prior to the IPO, the Company’s convertible preferred units and vested Incentive Units were deemed participating securities. Post IPO, the Company has not issued any instruments that are deemed participating securities.

Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the weighted-average number of outstanding shares of common stock during the period. Diluted net loss per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of certain service-based stock-based awards granted in certain acquisitions, conversion of the convertible preferred units, and conversion of the convertible notes prior to the IPO and stock-based awards granted post the IPO.

Net loss per share calculations for all periods prior to the IPO have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the IPO to effect the reclassification of the pre-IPO Common Units into the post-IPO Class A common stock and Class B common stock. Subsequent to the IPO, net loss per share was calculated based on the weighted average number of common stock then outstanding.

Recent accounting pronouncements

Accounting pronouncements pending adoption

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is currently evaluating the

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

impact of adopting the standard.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Final Standard on Disaggregation of Income Statement Expenses (“ASU 2024-03”). The new guidance requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The amendments in ASU 2024-03 are required to be adopted for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adopting the standard.

In July 2025, the FASB issued Accounting Standards Update No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). The new guidance allows entities to use the practical expedient to estimate expected credit losses. The new standard is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 eliminates the old project-stage model for capitalizing internal-use software costs and instead requires capitalization only when management has authorized and committed funding and it is probable the project will be completed and used for its intended purpose. Costs are expensed when significant development uncertainty exists. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

In September 2025, the FASB issued Accounting Standards Update No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). ASU 2025-07 refines the scope of derivative accounting under Derivatives and Hedging (Topic 815) by narrowing when contracts with features based on a party’s operations or activities qualify as derivatives, and clarifies that share-based noncash consideration from a customer in a revenue contract is accounted under Revenue from Contracts with Customers (Topic 606) rather than as a derivative. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

3. Revenue

The Company determines revenue recognition from contracts with customers in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606").

The following table presents revenue of the Company disaggregated by revenue source and ASC 606 applicability (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net revenue
Transaction revenue
Exchange	$	25,152	$	14,023	$	68,922	$	64,868
OTC	1,065		519		1,805		1,149
Other transaction revenue	120		34		583		846
Total transaction revenue	26,337		14,576		71,310		66,863

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)



Services revenue
Credit card revenue	8,532		2,617		17,162		7,597
Staking revenue	5,883		3,101		11,679		8,198
Advisory fee revenue	2,098		—		2,098		—
Custodial fee revenue	2,825		1,609		6,564		5,117
Other services revenue	592		—		592		—
Total services revenue	19,930		7,327		38,095		20,912
Total net revenue from contracts with customers	46,267		21,903		109,405		87,775

Other revenue
Other	118		90		309		235
Total other revenue	118		90		309		235

Revenue not from contracts with customers(1)
Interest income	3,508		2,453		8,284		10,105
Corporate interest	725		96		1,231		750
Total revenue not from contracts with customers	4,233		2,549		9,515		10,855
Total revenue	$	50,618	$	24,542	$	119,229	$	98,865
__________________
(1) Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606. Interest income is included within Net revenue and corporate interest is included within Other revenue, respectively, on the condensed consolidated statements of operations and comprehensive loss.

Contract liabilities

Under ASC 606, Revenue from Contracts with Customers, the Company has a contract liability related to non-cash warrant consideration received in advance of satisfying the related performance obligation for advisory services and are included in Other current liabilities on the condensed consolidated balance sheets. During the three and nine months ended September 30, 2025, the Company recognized $2.1 million of revenue related to contract liabilities. Contact liabilities were first recognized during the three months ended September 30, 2025, in connection with new customer arrangements with advance consideration.

Contract asset

The Company has a contract asset, representing the unvested portion of the warrants, which is reflected as a warrant receivable within Other non-current assets on the condensed consolidated balance sheets. Refer to Note 8. Prepaid Expenses and Other Current Assets.

Revenue by geographic location

The following table presents revenue of the Company disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

U.S.	$	43,072	$	20,587	$	100,587	$	81,685
International(1)	7,546		3,955		18,642		17,180
Total revenue(2)	$	50,618	$	24,542	$	119,229	$	98,865
__________________
(1) No country, outside the U.S., accounted for more than 10% of Total revenue. (2) Total revenue includes $4.2 million and $9.5 million for the three and nine months ended September 30, 2025, respectively, and $2.5 million and $10.9 million for the three and nine months ended September 30, 2024, respectively, that is not recognized within the scope of ASC 606, Revenue from Contracts with Customers, as outlined above.

4. Accounts Receivable, Net

Accounts receivable, net of allowance consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Credit card receivables(1)(2)	$	82,709	$	65,821
Retail receivables	10,024		4,402
Custodial fees receivable	2,364		1,608
Staking fees receivable	1,213		936
Other fees receivable	3,602		2,869
Allowance for transaction losses	(15,697)		(10,268)
Total accounts receivable, net of allowance	$	84,215	$	65,368
__________________
(1) Credit card receivables includes $1.5 million and $1.8 million of in-transit receivables as of September 30, 2025 and December 31, 2024, respectively. (2) Includes $0.4 million and $0.3 million of accrued interest receivable, net as of September 30, 2025 and December 31, 2024, respectively.

Allowance for transaction losses consisted of the following for the three and nine months ended September 30, 2025 (in thousands):


Three Months Ended September 30, 2025	Credit card receivables		Retail receivables		Staking fees receivable		Other fees receivable		Total(1)
Beginning balance	$	6,969	$	5,139	$	—	$	196	$	12,304
Provision for losses	2,843		3,263		189		1,398		7,693
Write-offs(1)	(1,141)		(1,376)		(189)		(1,594)		(4,300)
Ending balance	$	8,671	$	7,026	$	—	$	—	$	15,697

Nine Months Ended September 30, 2025	Credit card receivables		Retail receivables		Staking fees receivable		Other fees receivable		Total(1)
Beginning balance	$	6,563	$	3,780	$	—	$	(75)	$	10,268
Provision for losses	7,073		6,151		354		1,798		15,376
Write-offs(1)	(4,965)		(2,905)		(354)		(1,723)		(9,947)
Ending balance	$	8,671	$	7,026	$	—	$	—	$	15,697
__________________
(1) Credit card receivable write-offs include $0.1 million and $0.4 million related to accrued interest receivable for the three and nine months ended September 30, 2025, respectively.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Allowance for transaction losses consisted of the following for the three and nine months ended September 30, 2024 (in thousands):


Three Months Ended September 30, 2024	Credit card receivables		Retail receivables		Other fees receivable		Total(1)
Beginning balance	$	6,102	$	6,532	$	(33)	$	12,601
Provision for losses	3,422		1,244		61		4,727
Write-offs(1)	(3,365)		(3,411)		49		(6,727)
Ending balance	$	6,159	$	4,365	$	77	$	10,601

Nine Months Ended September 30, 2024	Credit card receivables		Retail receivables		Other fees receivable		Total(1)
Beginning balance	$	4,251	$	15,988	$	34	$	20,273
Provision for losses	10,261		6,093		250		16,604
Write-offs(1)	(8,353)		(17,716)		(207)		(26,276)
Ending balance	$	6,159	$	4,365	$	77	$	10,601
__________________
(1) Credit card receivable write-offs include $0.1 million and $0.4 million related to accrued interest receivable for the three and nine months ended September 30, 2024, respectively.

For all accounts receivable, the Company will evaluate and write-off unsecured balances at each reporting date when they are outstanding for over 180 days or when the balance is otherwise deemed to be uncollectible. The provision for transaction losses is recorded in Transaction losses on the condensed consolidated statements of operations and comprehensive loss.

In considering credit quality of the credit card receivable portfolio, 92.2% and 89.2% of the Company's receivables were current and less than 30 days past due as of September 30, 2025 and December 31, 2024, respectively.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

5. Fair Value Measurements

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	362,357	$	—	$	—	$	362,357
Restricted cash equivalents:
Money market funds	1,658		—		—		1,658



Crypto assets held:
Bitcoin	604,746		—		—		604,746
Ether	46,164		—		—		46,164
Other crypto assets	—		24,053		—		24,053
Receivable, crypto assets pledged:
Bitcoin	—		93,296		—		93,296
Ether	—		86,883		—		86,883
Accounts receivable, net:
Derivative assets(1)	—		385		—		385
Prepaid expenses and other current assets:

Equity securities	1,382		—		—		1,382

Crypto asset options	—		684		—		684
Other non-current assets:
Warrants	—		—		1,659		1,659

Total assets	$	1,016,307	$	205,301	$	1,659	$	1,223,267
Liabilities
Related party loans:
Derivative liabilities (1)	$	—	$	487,053	$	—	$	487,053



Other current liabilities:
Crypto asset collateral payable	—		21,282		—		21,282
Crypto asset options	—		685		—		685
Crypto asset futures	—		189		—		189
Total liabilities	$	—	$	509,209	$	—	$	509,209
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of September 30, 2025 and are disclosed in the table below.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Restricted cash equivalents:
Money market funds	$	1,607	$	—	$	—	$	1,607



Crypto assets held:
Bitcoin	412,115		—		—		412,115
Ether	17,562		—		—		17,562
Other crypto assets	—		40,424		—		40,424
Receivable, crypto assets pledged:
Bitcoin	—		86,708		—		86,708
Ether	—		81,592		—		81,592
Accounts receivable, net:
Derivative assets(1)	—		307		—		307
Prepaid expenses and other current assets:
Crypto asset collateral held	—		15,275		—		15,275
Equity securities	219		—		—		219
Corporate bonds	—		774		—		774
Crypto asset options	—		6,354		—		6,354
Total assets	$	431,503	$	231,434	$	—	$	662,937
Liabilities
Related party loans:
Derivative liabilities (1)	$	—	$	413,700	$	—	$	413,700
Related party convertible notes:
Convertible notes	—		—		248,783		248,783
Other current liabilities:
Crypto asset collateral payable	—		15,275		—		15,275
Crypto asset options	—		6,371		—		6,371
Crypto asset futures	—		1,249		—		1,249
Total liabilities	$	—	$	436,595	$	248,783	$	685,378
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of December 31, 2024 and are disclosed in the table below.

Refer to Note 2. Summary of Significant Accounting Policies for further details on the valuation methods and significant inputs of the Level 2 and Level 3 assets and liabilities identified in the Company's audited annual consolidated financial statements for the year ended December 31, 2024.

During the nine months ended September 30, 2025 and 2024, the Company did not make any transfers in or out of the levels of the fair value hierarchy.

The following table is a roll-forward of Level 3 investments measured and recorded at fair value on a recurring basis (in thousands):

Level 3 Investments - Warrants

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	—	$	—	$	—	$	—
Additions	4,345		—		4,345		—



Unrealized loss attributable to change in fair value	(2,686)		—		(2,686)		—
Ending balance	$	1,659	$	—	$	1,659	$	—

Level 3 Investments - Convertible Notes


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance related party convertible notes	$	273,454	$	222,175	$	248,783	$	134,928
Additions	3,375		4,022		11,309		81,076



OCI - Change in fair value attributable to instrument-specific credit risk	—		1,067		(874)		(2,261)
Unrealized loss attributable to change in fair value	8,178		9,775		25,789		23,296
Conversion of convertible notes to common stock in connection with IPO	(285,007)		—		(285,007)		—
Ending balance related party convertible notes	$	—	$	237,039	$	—	$	237,039

Level 3 Investments - Term Loans


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024(1)		2025		2024(1)
Beginning balance related party term loans	$	514,868	$	—	$	237,209	$	—
Additions	44,703		—		230,439		—



OCI - Change in fair value attributable to instrument-specific credit risk	—		—		(2,397)		—
Unrealized loss attributable to change in fair value	24,989		—		119,309		—
Conversion of related party term loans to common stock in connection with IPO	(584,560)		—		(584,560)		—
Ending balance related party term loans	$	—	$	—	$	—	$	—
__________________
(1) In 2024, the 2024 Term Loan was not yet amended to include a conversion option and was classified as a Level 2 investment.

The Company fair values its convertible notes and convertible term loans utilizing a scenario-based approach that considers various conversion and repayment scenarios, along with a discounted cash flow analysis, which is used to determine the value of an investment today based on projections of future cash flows. The significant input utilized in the discounted cash flow analysis included the discount rate which ranged from 19.5% - 21.7% for both the three and nine months ended September 30, 2025 and 2024.

Convertible notes and related party term loans outstanding prior to the IPO converted to equity and are no longer included in Level 3 investments as of September 30, 2025.

Assets and liabilities measured and recorded at fair value on a non-recurring basis

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The Company’s non-financial assets and liabilities, such as intangible assets, software, property and equipment, and lease right-of-use assets, are adjusted to fair value on a non-recurring basis when an impairment charge is recognized. The fair value used in assessing an impairment for these assets are largely based on Level 2 or Level 3 inputs.

The Company’s strategic investments are also measured at fair value on a non-recurring basis. Such fair value measurements are based predominantly on Level 3 inputs such as the recent transaction price involving the same or similar investment, and are adjusted as necessary to reflect relevant market conditions and investment-specific factors. Refer to Note 8. Prepaid Expenses and Other Assets for additional information.

Financial assets and liabilities not measured and recorded at fair value

The following tables summarize the estimated fair values of our financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total(1)
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	$	487,462	$	—	$	—	$	487,462
Restricted cash and cash equivalents	86,073		—		—		86,073
Customer custodial funds	532,804		—		—		532,804
Accounts receivable, net(2)	9,793		—		74,037		83,830
Total assets	$	1,116,132	$	—	$	74,037	$	1,190,169

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customer	$	532,676	$	—	$	—	$	532,676
Third party loans	—		192,507		—		192,507
Related party loans(2)	—		290,226		—		290,226
Funding debt	—		49,204		—		49,204
Total liabilities	$	532,676	$	531,937	$	—	$	1,064,613

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


	December 31, 2024
	Level 1		Level 2		Level 3		Total(1)
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	$	42,847	$	—	$	—	$	42,847
Restricted cash and cash equivalents	26,776		—		—		26,776
Customer custodial funds	575,628		—		—		575,628
Accounts receivable, net(2)	5,802		—		59,259		65,061
Total Assets	$	651,053	$	—	$	59,259	$	710,312

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customer	$	574,080	$	—	$	—	$	574,080
Third party loans	—		117,612		—		117,612
Related party loans(2)	—		385,671		—		385,671
Total liabilities	$	574,080	$	503,283	$	—	$	1,077,363
__________________
(1) The total carrying value is equal to the total estimated fair value for all financial assets and liabilities.
(2) Excludes the embedded derivatives which are measured and recorded at fair value as of September 30, 2025 and December 31, 2024 and are disclosed in the table above.

The carrying values of financial assets and liabilities equal or approximate fair value because they are short-term in duration, have no defined maturity or have a floating interest rate.

The Company determined credit card receivables to be Level 3 assets. While credit card receivables are short term in duration similar to above, the Company applied the current expected loss model to determine the value of receivables and therefore Level 3 classification is appropriate.

6. Derivatives

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of September 30, 2025 (in thousands):


	September 30, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	88,418	$	684	$	(685)
Crypto asset futures	29,825		—		(189)
Total			$	684	$	(874)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2024 (in thousands):


	December 31, 2024
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	229,546	$	6,354	$	(6,371)
Crypto asset futures	11,671		—		(1,249)
Total			$	6,354	$	(7,620)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

Please refer to Note 5. Fair Value Measurements for fair value details on embedded derivatives. During the three and nine months ended September 30, 2025, the change in fair value of the embedded derivatives increased by $0.3 million and increased by $0.1 million, respectively. During the three and nine months ended September 30, 2024, the change in fair value of the embedded derivatives decreased by $0.2 million and increased by $0.8 million, respectively.

Gain (loss) on changes in the fair value of options and futures recorded in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Derivative assets
Crypto asset options	(53,152)		89,230		(69,998)		(53,262)
Crypto asset futures	—		25,071		—		(16,691)
Total	$	(53,152)	$	114,301	$	(69,998)	$	(69,953)

Derivative liabilities
Crypto asset options	$	53,711	$	(93,711)	$	70,886	$	56,420
Crypto asset futures	(200)		(23,078)		(1,449)		15,210
Total	$	53,511	$	(116,789)	$	69,437	$	71,630

The below table represents the breakdown of crypto asset collateral associated with derivative positions (in thousands):


	September 30, 2025		December 31, 2024
Crypto assets held as collateral meeting the recognition criteria	$	21,268	$	15,275
Crypto assets held as collateral not meeting the recognition criteria	$	—	$	4,875
Crypto assets pledged as collateral not meeting the derecognition criteria	$	7,978	$	4,616

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

7. Crypto Assets Held

The following table presents a summary of the crypto assets held at fair value by the Company (in thousands except for units):


	September 30, 2025
	Units	Cost Basis		Fair Value
Bitcoin	5,302	$	263,746	$	604,746
Ether	11,134	46,347		46,164
Other crypto assets	nm(1)	11,750		24,053
Total		$	321,843	$	674,963
__________________
(1) not meaningful


	December 31, 2024
	Units	Cost Basis		Fair Value
Bitcoin	4,414	$	117,005	$	412,115
Ether	5,301	17,009		17,562
Other crypto assets	nm(1)	8,200		40,424
Total		$	142,214	$	470,101
__________________
(1) not meaningful

The following table is a fair value roll-forward of the Company's crypto assets held at fair value (in thousands):


	Bitcoin		Ether		Other		Total
Crypto assets held at December 31, 2023	$	295,320	$	25,718	$	6,828	$	327,866


Addition of crypto assets(1)	431,487		299,660		11,887		743,034
Disposition of crypto assets(1)	(608,225)		(327,979)		(9,428)		(945,632)
Realized gain on crypto assets(2)	149,878		26,555		1,095		177,528
Realized loss on crypto assets	(610)		(545)		(609)		(1,764)
Unrealized gain (loss) on crypto assets(3)	144,265		(5,847)		30,651		169,069
Crypto assets held at December 31, 2024	$	412,115	$	17,562	$	40,424	$	470,101

Addition of crypto assets(4)(5)	519,334		305,186		24,346		848,866
Disposition of crypto assets(4)(5)	(412,454)		(293,544)		(24,694)		(730,692)
Realized gain on crypto assets(2)	47,671		29,188		4,390		81,249
Realized loss on crypto assets	(7,562)		(11,482)		(1,050)		(20,094)
Unrealized gain (loss) on crypto assets(3)	45,642		(746)		(19,363)		25,533
Crypto assets held at September 30, 2025	$	604,746	$	46,164	$	24,053	$	674,963
__________________
(1) Includes acquisitions of 2,715 Bitcoin and 68,996 Ether totaling $384.3 million and dispositions of 1,879 Bitcoin and 56,766 Ether totaling $275.1 million to manage collateral obligation under its loan agreements as of December 31, 2024. Refer to Note 2. Summary of Significant Accounting Policies in the Company's audited annual consolidated financial statements for further details. (2) Excludes realized gain on Receivable, crypto assets pledged of $44.5 million and $135.8 million as of September 30, 2025 and December 31, 2024, respectively. (3) Excludes unrealized loss on Receivable, crypto assets pledged of $13.5 million and $17.8 million as of September 30, 2025 and December 31, 2024, respectively. (4) Includes acquisitions of 616 Bitcoin and 65,361 Ether totaling $238.5 million and dispositions of 505 Bitcoin and 61,696 Ether totaling $192.4 million to manage collateral obligation under its loan agreements as of September 30, 2025. Refer to Note 2. Summary of Significant Accounting Policies in the Company's audited annual consolidated financial statements for further details. (5) Beginning in the third quarter of 2025, the Company began using certain customer collateral received under its rehypothecation rights. As a result, these assets are now presented in Crypto assets held on the condensed consolidated balance sheets.. In prior periods, these assets were included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. Included in acquisitions is 132 Bitcoin totaling $15.1 million and in dispositions 5 Bitcoin and 1 Ether totaling $0.8 million related to customer collateral received under rehypothecation rights as of September 30, 2025.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The Company acquires crypto assets primarily through related party loans, revenue denominated in crypto assets, and purchases of crypto assets. The Company disposes of crypto assets through payments of principal and interest on crypto loans, sales of crypto assets and payments for operating expenses.

As part of normal course of business the Company uses crypto assets as investments to fund operating activities and in reserve to satisfy regulatory requirements for certain subsidiaries relating to liquidity coverage and capital needs in relation to customer balances. The cost basis used to calculate gains and losses of crypto assets is the original cost at the time of addition, utilizing the first-in-first-out ("FIFO") method.

Certain subsidiaries of the Company engage with insurance providers to obtain surety bonds necessary for money transmitter licenses. The Company designates 840 bitcoin to the insurance providers to satisfy a collateral requirement that is reassessed on an annual basis.

Included in the Company's Crypto assets held on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, are 2,811 bitcoin and 3,116 bitcoin, respectively, with a fair value of $320.6 million and $290.9 million, respectively. These assets are restricted in use under the terms of certain related party crypto asset loan agreements and are designated and maintained to meet regulatory capital requirements. The restrictions remain in effect while the related party crypto asset loan agreements are outstanding, and may lapse upon repayment or termination of the loans, or other contractual modifications. This bitcoin is included in the Company's crypto asset loan with a December 29, 2022, draw date as described in Note 13. Related Party Loans and Convertible Notes.

In addition, included in the Company's Crypto assets held on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, are 1,275 bitcoin and 0 bitcoin, respectively, with a fair value of $145.4 million and $0, respectively. These assets are restricted in use under the terms of certain third party crypto asset loan agreements and are designated and maintained to meet agreed upon collateral requirements. The Company retains control as the counterparty is not permitted to sell, pledge, rehypothecate, or otherwise use the assets. Accordingly, these crypto assets continue to be recognized in Crypto assets held.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

8. Prepaid Expenses and Other Assets

Prepaid expenses and other assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid expenses and other current assets
Crypto asset collateral held	$	—	$	15,275
Prepaid expenses	8,923		7,232
Equity securities	1,382		219
Derivative assets	684		6,354
Other	15,892		8,054
Total prepaid expenses and other current assets	$	26,881	$	37,134

Other non-current assets
Lease right-of-use assets	$	16,419	$	14,512
Strategic investments	9,568		10,638
Warrant derivative(1)	1,659		—
Warrant receivable(2)	6,493		—
Other	1,735		1,722
Total other non-current assets	$	35,874	$	26,872
__________________
(1) Warrant derivative represents the vested warrants received in connection with an advisory agreement. The vested warrants meet the definition of a derivative under ASC 815, Derivatives and Hedging, and are subject to fair value adjustments. Refer to Note 5. Fair Value Measurements.
(2) The warrant receivable represents a contract asset initially measured at fair value of $10.8 million. As of September 30, 2025, $4.3 million had vested, resulting in a remaining contract asset of $6.5 million.

Measurement alternative investments

The Company accounts for investments under the measurement alternative method whereby they are measured at cost, less impairment, subject to upward and downward adjustments resulting from observable price changes for identical or similar investments of the same issuer. The changes in the carrying value of strategic investments accounted for under the measurement alternative are presented below (in thousands):


	Nine Months Ended September 30,
	2025		2024
Carrying amount, beginning balance	$	10,638	$	11,708
Net reductions(1)	(1,131)		(580)
Upward adjustments	61		73
Impairments and downward adjustments	—		(122)
Carrying amount, ending balance	$	9,568	$	11,079
__________________
(1) Includes additions from purchases, reductions due to exits of securities and reclassifications due to changes to capital structure.

Cumulative upward adjustments for strategic investments held were $4.5 million as of both September 30, 2025 and December 31, 2024. Cumulative impairments and downward adjustments were $1.2 million as of both September 30, 2025 and December 31, 2024. Upward adjustments, impairments, and downward adjustments are included in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

9. Software, Property and Equipment, Net

Software, property and equipment, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Software	$	47,006	$	43,821
Leasehold improvements	12,439		12,652
Furniture and fixtures	3,587		3,303
Computers and other equipment	3,092		2,584
Total	66,124		62,360
Accumulated amortization and depreciation	(51,306)		(45,208)

Software, property and equipment, net	$	14,818	$	17,152

Depreciation expense attributable to software, property, and equipment was $0.4 million and $1.3 million for the three and nine months ended September 30, 2025, respectively. Depreciation expense attributable to software, property, and equipment was $0.4 million and $1.2 million for the three and nine months ended September 30, 2024, respectively. Depreciation expense attributable to software, property, and equipment is reflected in General and administrative on the condensed consolidated statements of operations and comprehensive loss. Amortization expense attributable to software, property and equipment was $1.7 million and $5.1 million for the three and nine months ended September 30, 2025, respectively. Amortization expense attributable to software, property and equipment was $2.1 million and $6.2 million for the three and nine months ended September 30, 2024, respectively. Amortization expense attributable to software, property, equipment is reflected in Technology, on the condensed consolidated statements of operations and comprehensive loss. Total additions to software were $3.5 million and $3.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Substantially all software, property and equipment was located and utilized within the United States as of September 30, 2025 and December 31, 2024.

10. Intangible Assets, Net

Intangible assets consisted of the following as of September 30, 2025 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Amortizing intangible assets
Patents	$	178,005	$	(45,490)	$	132,515
Developed technology	50,781		(38,377)		12,404
Customer relationships	1,250		(937)		313
Assembled workforce	669		(536)		133
	$	230,705	$	(85,340)	$	145,365

Amortization expense of intangible assets was $5.6 million and $16.8 million for the three and nine months ended September 30, 2025, respectively.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Intangible assets consisted of the following as of December 31, 2024 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Amortizing intangible assets
Patents	$	178,005	$	(36,590)	$	141,415
Developed technology	50,781		(30,779)		20,002
Customer relationships	1,250		(750)		500
Assembled workforce	670		(444)		226
	$	230,706	$	(68,563)	$	162,143

Amortization expense of intangible assets was $5.6 million and $17.2 million for the three and nine months ended September 30, 2024, respectively.

The expected future amortization expense for intangible assets as of September 30, 2025 is as follows (in thousands):


	September 30, 2025
Remaining 2025	$	5,585
2026	22,124
2027	11,867
2028	11,867
2029	11,867
Thereafter	82,055
Total expected future amortization expense	$	145,365

11. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued expenses:
Accrued expenses	$	63,636	$	29,711
Accrued loss contingencies(1)	1,031		6,083
Accrued salaries and benefits	2,912		3,113
Total accrued expenses	67,579		38,907

Other current liabilities:
Crypto asset collateral payable	21,282		15,275
Derivative liabilities	873		7,620
Current lease liabilities	5,594		4,737
Commissions to NFT artists payable	1,665		1,896
Other current liabilities	1,946		1,513
Deferred tax liabilities	—		7,407
Unearned advisory fee revenue	8,741		—
Total other current liabilities	40,101		38,448
Total accrued expenses and other current liabilities	$	107,680	$	77,355
__________________
(1) Refer to Note 21. Commitments and Contingencies for additional information.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

12. Leases

The Company has operating leases for office facilities with remaining terms of 0 to 9 years. Many leases include one or more options to renew, but renewals are not assumed in the determination of the lease term as the Company is not reasonably certain to exercise the renewals.

The Company recognized lease expense in General and administrative on the condensed consolidated statements of operations and comprehensive loss. The components of lease expense were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease expense	$	1,281	$	966	$	3,581	$	3,016
Short-term lease expense	128		66		264		572
Total lease expense	$	1,409	$	1,032	$	3,845	$	3,588

Other information related to the Company's operating leases was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (in years)	4.6		5.0
Weighted-average discount rate	6.1	%	6.0	%

Maturities of operating lease liabilities as of September 30, 2025 were as follows:


Remaining 2025	$	1,626
2026	7,133
2027	7,161
2028	6,657
2029	3,655
Thereafter	2,975
Total undiscounted lease payments	29,207
Less: imputed interest	(3,663)
Total lease liabilities	$	25,544

On July 15, 2025, the Company entered into a 60 month lease agreement for 2,742 square feet of office space in London, United Kingdom which commenced on July 15, 2025. The term of the lease expires on July 14, 2030 and requires monthly base payments of $34,481, with a total present value of lease payments of $1.6 million and a discount rate of 6.9%. At lease commencement, the Company recognized a right-of-use asset of $1.3 million and a corresponding lease liability. The lease is classified as an operating lease under FASB ASC Topic 842, Leases (“ASC 842”).

On May 1, 2025, the Company entered into an operating lease for office space in Miami, Florida, with a non-cancelable term of 66 months. The agreement does not include any options to purchase or renew the lease. The lease provides for a 5-month rent-free period and monthly lease payments ranging from $51,567 - $59,773 thereafter, with a total present value of lease payments of $2.8 million and a discount rate of 6.8%. At lease commencement, the Company recognized a right-of-use asset of $2.7 million and a corresponding lease liability. The lease is classified as an operating lease under FASB ASC Topic 842, Leases (“ASC 842”).

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

On August 25, 2023, the Company entered into a sublease agreement for the office space in New York City. As a result, the Company recorded sublease income of $0.5 million and $1.6 million for the three and nine months ended September 30, 2025, respectively. The Company recorded sublease income of $0.5 million and $1.6 million for the three and nine months ended September 30, 2024, respectively Sublease income is reflected in Other income (expense), net within the condensed consolidated statements of operations and comprehensive loss. Of the sublease income earned, $1.0 million and $1.3 million, respectively, was recorded within Accounts receivable, net on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.

The Company entered into a five year sublease agreement for the office space in Chicago which commenced on November 1, 2022. As a result, the Company recorded sublease income of $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively. The Company recorded sublease income of $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively. Sublease income is reflected in Other income (expense), net, within the condensed consolidated statements of operations and comprehensive loss.

13. Related Party Loans and Convertible Notes

The Company regularly enters into lending agreements with Winklevoss Capital Fund, LLC ("WCF"), a related party through common ownership, in order to finance operations, maintain regulatory capital levels in subsidiaries, and fund capital expenditures to grow the business. The Company primarily conducts lending activities with WCF using bitcoin or ether as the loaned instrument or as collateral for USD loans.

Crypto asset loans

The Company entered into several crypto lending agreements with WCF during the nine months ended September 30, 2025 and 2024. All principal loan amounts have no stated maturity date but are callable upon written notice by WCF. The Company will have until the end of the business day to repay all outstanding loaned crypto amounts when called. The principal will be paid in-kind and interest outstanding will be payable in either (i) crypto or (ii) cash equivalent to the aggregate value of such crypto as measured at fair value on the daily basis at which the fees accrued. These agreements were made to enable the Company to ensure adequate operational liquidity and meet regulatory capital obligations of its subsidiaries.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Crypto asset loans as of September 30, 2025 (in thousands):


Loan(12)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 9.30.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (10)		Interest Payable(11)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	30,138	$	(25,092)	$	320,626	$	(34,742)	4.0%	$	8,837	$	1,044
2,000 BTC(2)	3/1/2023	102,516		—		22,874		(18,174)		102,427		(4,611)		4.0%	3,125		334
35,000 ETH	3/1/2023	88,234		—		—		—		110,381		(22,147)		4.0%	2,338		380
500 BTC	5/11/2023	46,683		—		—		—		57,031		(10,347)		4.0%	1,527		186
340 BTC	10/31/2023	31,745		—		—		—		38,781		(7,036)		5.0%	1,299		158
5,200 ETH(3)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(4)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(5)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(6)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(7)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(8)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(9)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		145,428		5,531		4.3%	1,173		503
Total		$	560,107	$	220,798	$	151,378	$	(71,792)	$	774,674	$	(73,352)		$	19,100	$	2,605
__________________
(1) 305 bitcoin ("BTC") was repaid during the nine months ended September 30, 2025. (2) 200 bitcoin was repaid during the nine months ended September 30, 2025. (3) 5,200 ether ("ETH") was repaid during the nine months ended September 30, 2025. (4) 3,000 ether was repaid during the nine months ended September 30, 2025. (5) 5,280 ether was repaid during the nine months ended September 30, 2025. (6) 3,400 ether was repaid during the nine months ended September 30, 2025. (7) 86 bitcoin was repaid during the nine months ended September 30, 2025. (8) 2,500 ether was repaid during the nine months ended September 30, 2025. (9) 10,000 ether was repaid during the nine months ended September 30, 2025. (10) Prior year interest accrued of $2.1 million was paid during the nine months ended September 30, 2025. (11) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of September 30, 2025. (12) 5,824 bitcoin and 26,629 ether was outstanding as of the nine months ended September 30, 2025.

On January 27, 2025, February 7, 2025, February 28, 2025, March 10, 2025, March 11, 2025, March 28, 2025, April 7, 2025, and July 24, 2025 the Company entered into additional lending agreements with WCF. The Company will primarily use the crypto assets from these agreements as collateral for third party loans. Refer to Note 14. Third Party Loans for additional information.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Crypto asset loans as of December 31, 2024 (in thousands):


Loan(6)	Draw Date	Principal Outstanding as of 12.31.23		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.24		Unrealized Gain (Loss)		Interest Rate	Interest Expense (4)		Interest Payable(5)
5,000 BTC(1)	12/29/2022	$	211,948	$	—	$	123,155	$	(91,991)	$	290,929	$	(110,146)	4.0%	$	9,497	$	1,037
30,000 ETH	12/29/2022	20,669		—		29,790		(18,990)		—		9,868		4.0%	655		—
2,000 BTC(2)	3/1/2023	84,779		—		63,889		(42,689)		102,516		(38,938)		4.0%	3,620		376
35,000 ETH(3)	3/1/2023	80,378		—		29,247		(15,571)		88,234		(21,532)		4.0%	3,590		334
1,400 BTC	5/24/2023	4,239		—		6,182		(3,553)		—		1,610		4.0%	30		—
20,650 ETH	5/24/2023	24,802		—		32,224		(12,853)		—		5,432		4.0%	140		—
500 BTC	5/11/2023	21,195		—		—		—		46,683		(25,488)		4.0%	1,317		166
340 BTC	10/31/2023	14,412		—		—		—		31,745		(17,332)		5.0%	1,119		142
240 BTC	5/1/2024	—		13,962		16,286		(2,324)		—		—		8.0%	102		—
6,750 ETH	5/1/2024	—		19,765		25,441		(5,676)		—		—		8.0%	145		—
250 BTC	7/5/2024	—		14,006		22,007		(8,001)		—		—		5.0%	280		—
4,150 ETH	7/5/2024	—		12,420		13,473		(1,054)		—		—		5.0%	200		—
7,500 ETH	8/5/2024	—		17,663		30,038		(12,374)		—		—		5.0%	342		—
235 BTC	10/31/2024	—		16,497		22,230		(5,733)		—		—		4.5%	62		—
Total		$	462,422	$	94,313	$	413,962	$	(220,809)	$	560,107	$	(196,526)		$	21,099	$	2,055
__________________
(1) 1,884 bitcoin was repaid during the year ended December 31, 2024. (2) 902 bitcoin was repaid during the year ended December 31, 2024. (3) 8,371 ether was repaid during the year ended December 31, 2024. (4) Prior year interest accrued of $1.6 million was paid during the year ended December 31, 2024. (5) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024. (6) 5,054 bitcoin and 26,629 ether was outstanding as of the year ended December 31, 2024.

On December 29, 2022, the Company entered into an additional lending agreement for 5,000 bitcoin and an ether lending agreement for 30,000 ether to provide additional funding for its wholly owned subsidiaries. 21,000 of this ether was repaid to WCF during the year ended December 31, 2023. On August 3, 2023, the terms of the remaining 9,000 ether were modified and a new agreement was papered allowing the Company to sell the ether for proceeds of $16.5 million and contribute the proceeds to its wholly owned subsidiaries to finance its business operations.

On March 1, 2023, May 24, 2023, May 1, 2024, July 5, 2024, August 5, 2024 and October 31, 2024, the Company entered into additional lending agreements with WCF. The Company will primarily use the crypto assets from these agreements as collateral for third party loans. Refer to Note 14. Third Party Loans for additional information.

On May 11, 2023 and October 31, 2023 the Company entered into agreements with WCF for 500 bitcoin and 340 bitcoin, respectively, for purposes of enabling subsidiaries of the Company to pledge bitcoin to the surety parties to satisfy the collateral requirements as part of the bond application process. The 500 bitcoin loan pledged 320 of the bitcoin as collateral to satisfy these collateral requirements.

Convertible notes

The convertible notes entered into by the Company are summarized below (in thousands). The aggregate principal amount of these notes is to be used for general operating activities.

Gemini Space Station, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Convertible notes as of September 30, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
September Note (USD)	9/15/2023	6/1/2027	$	50,000	$	57,641	$	—	$	6,581	$	(223)	$	(72,279)	$	2,827	$	—
November Note (BTC)	11/22/2023	6/1/2027	54,671		63,027		—		7,097		(240)		(78,269)		3,093		—
December Note (USD)	12/27/2023	6/1/2027	50,000		57,642		—		6,389		(217)		(70,804)		2,827		—
March Note (BTC)	3/1/2024	6/1/2027	45,329		52,257		—		5,722		(195)		(63,655)

Gemini Space Station, Inc. 10-Q