Summary of Significant Accounting Policies	3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Gemini Space Station, Inc., 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 (the “SEC”) 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 31, 2026 (the “Annual Report”). There have been no material changes in the Company's most significant estimates and assumptions, significant accounting policies, segment reporting, or recent accounting pronouncements as described in our audited consolidated financial statements included in our Annual Report, other than as disclosed below. Use of estimates The preparation of the 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 strategic investments, fair value of stock options, 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 management's estimates and actual results, the Company’s condensed consolidated financial statements could be materially affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, 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 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 an 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 $43.6 million and $46.6 million as of March 31, 2026 and 2025, respectively. Customer custodial funds due to customers related to GUSD were $42.9 million and $45.6 million as of March 31, 2026 and 2025, respectively. Loan receivables The Company extends financing to certain customers in the form of (i) on-exchange loans and (ii) margin loans to facilitate trading activity on its platform. On-Exchange Loans On-exchange loans are short-term, non-interest-bearing advances provided to customers that may be used solely for trading on the Company’s platform. These arrangements are contractually repayable, callable at the Company’s discretion, and are subject to account restrictions that limit the customer’s ability to withdraw or transfer loan proceeds outside of the platform. On-exchange loans are recorded at amortized cost, which approximates fair value due to their short-term nature. These loans do not generate interest income. Margin Loans Margin loans are interest-bearing loans extended to customers to enable leveraged trading. These loans are collateralized by customer assets held on the Company’s platform and are subject to margin maintenance requirements, ongoing monitoring, and liquidation provisions. The Company does not recognize such collateral on its condensed consolidated balance sheets as it does not obtain control of the assets. Margin loan receivables are recorded at amortized cost, which approximates fair value due to their short-term nature. Interest income on margin loans is recognized over time based on the outstanding loan balance and applicable interest rates, which accrue on an hourly basis, and is included in Net revenue on the condensed consolidated statements of operations and comprehensive loss, primarily within other transaction revenue. See Note 3. Revenue. The Company evaluates its loan receivables for expected credit losses in accordance with applicable guidance. These arrangements are subject to collateral requirements, account restrictions, and liquidation rights that are designed to mitigate credit risk. Based on these factors, the Company’s credit exposure is limited. No allowance for credit losses or write-offs has been recorded for the periods presented. On-exchange loans and margin loans are included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. 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 March 31, 2026 and December 31, 2025, the Company had no customers that accounted for more than 10% of the Company’s Accounts receivable, net. In addition, during the three months ended March 31, 2026 and 2025, no customer accounted for more than 10% of Total revenue. Sales and marketing Sales and marketing expense includes costs incurred to promote the Company’s brand, products, and services and to acquire, retain, and engage customers. These costs include advertising and promotional expenses, credit card rewards and customer incentive programs, sponsorships and partnerships, marketing campaigns, and other sales and marketing-related costs. Advertising costs are expensed as incurred. During the three months ended March 31, 2026 and 2025, advertising expense was $7.0 million and $2.9 million, respectively. Recent accounting pronouncements There have been no material developments relating to recent accounting pronouncements, including the expected dates of adoption and estimated effects on the condensed consolidated financial statements and footnote disclosures, since those disclosed in the Annual Report.

The accompanying unaudited condensed consolidated financial statements include the accounts of Gemini Space Station, Inc., 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 (the “SEC”) 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 31, 2026 (the “Annual Report”). There have been no material changes in the Company's most significant estimates and assumptions, significant accounting policies, segment reporting, or recent accounting pronouncements as described in our audited consolidated financial statements included in our Annual Report, other than as disclosed below.

The preparation of the 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 strategic investments, fair value of stock options, 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 management's estimates and actual results, the Company’s condensed consolidated financial statements could be materially affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the result of which forms the basis for making judgments about the carrying values of assets and liabilities.

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”).

On-exchange loans are short-term, non-interest-bearing advances provided to customers that may be used solely for trading on the Company’s platform. These arrangements are contractually repayable, callable at the Company’s discretion, and are subject to account restrictions that limit the customer’s ability to withdraw or transfer loan proceeds outside of the platform. On-exchange loans are recorded at amortized cost, which approximates fair value due to their short-term nature. These loans do not generate interest income.

Margin loans are interest-bearing loans extended to customers to enable leveraged trading. These loans are collateralized by customer assets held on the Company’s platform and are subject to margin maintenance

requirements, ongoing monitoring, and liquidation provisions. The Company does not recognize such collateral on its condensed consolidated balance sheets as it does not obtain control of the assets. Margin loan receivables are recorded at amortized cost, which approximates fair value due to their short-term nature. Interest income on margin loans is recognized over time based on the outstanding loan balance and applicable interest rates, which accrue on an hourly basis, and is included in Net revenue on the condensed consolidated statements of operations and comprehensive loss, primarily within other transaction revenue. See Note 3. Revenue.

The Company evaluates its loan receivables for expected credit losses in accordance with applicable guidance. These arrangements are subject to collateral requirements, account restrictions, and liquidation rights that are designed to mitigate credit risk. Based on these factors, the Company’s credit exposure is limited. No allowance for credit losses or write-offs has been recorded for the periods presented.

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.

Sales and marketing expense includes costs incurred to promote the Company’s brand, products, and services and to acquire, retain, and engage customers. These costs include advertising and promotional expenses, credit card rewards and customer incentive programs, sponsorships and partnerships, marketing campaigns, and other sales and marketing-related costs. Advertising costs are expensed as incurred.

There have been no material developments relating to recent accounting pronouncements, including the expected dates of adoption and estimated effects on the condensed consolidated financial statements and footnote disclosures, since those disclosed in the Annual Report.