Gemini Space Station, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
GEMI$2.46+2.9%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Part I - Financial Information Item 1. Financial Statements (Unaudited)Condensed Consolidated Balance Sheets
Part I—Financial Information
Condensed Consolidated Balance Sheets
(in thousands, except par value)
| 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 | — |
Condensed Consolidated Balance Sheets
(in thousands, except par value)
| 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. | ||
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