Gemini Space Station, Inc. operates a cryptocurrency platform offering trading, custody, derivatives, and payment services to both retail and institutional clients.
The company is deeply unprofitable, with net losses of USD 0.58B in 2025 and USD 0.16B in 2024, while revenue is tiny at USD 0.15B and USD 0.14B respectively; gross margin is negative in 2023.
Weak moat. The crypto exchange space is highly competitive with low switching costs, and Gemini faces intense rivalry from larger, better-capitalized exchanges like Coinbase and Binance, which offer similar services and deeper liquidity.
