# EDGAR Filing Document

**Accession Number:** 0002055592
**File Stem:** 0001104659-25-088436
**Filing Date:** 2025-9
**Character Count:** 13586
**Document Hash:** 4d6e8ce715a2e4a127767ccc841cd36f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-088436.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001104659-25-088436

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gemini Space Station, Inc.
- **CENTRAL INDEX KEY:** 0002055592
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 600 THIRD AVENUE, 2ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** (646) 751-4401

**MAIL ADDRESS:**
- **STREET 1:** 600 THIRD AVENUE, 2ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

Skadden, Arps, Slate, Meagher & Flom llp

One Manhattan West

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| New York, NY 10001<br> ________<br> TEL: (212) 735-3000<br> FAX: (212) 735-2000<br> www.skadden.com | FIRM/AFFILIATE |
| New York, NY 10001<br> ________<br> TEL: (212) 735-3000<br> FAX: (212) 735-2000<br> www.skadden.com | OFFICES |
| New York, NY 10001<br> ________<br> TEL: (212) 735-3000<br> FAX: (212) 735-2000<br> www.skadden.com | ______ |
| New York, NY 10001<br> ________<br> TEL: (212) 735-3000<br> FAX: (212) 735-2000<br> www.skadden.com | BOSTON |
| New York, NY 10001<br> ________<br> TEL: (212) 735-3000<br> FAX: (212) 735-2000<br> www.skadden.com | CHICAGO |
| New York, NY 10001<br> ________<br> TEL: (212) 735-3000<br> FAX: (212) 735-2000<br> www.skadden.com | HOUSTON |
|  | LOS ANGELES |
|  | PALO ALTO |
|  | WASHINGTON, D.C. |
|  | WILMINGTON |
|  | _____ |
|  | ABU DHABI |
|  | BEIJING |
|  | BRUSSELS |
|  | FRANKFURT |
|  | HONG KONG |
|  | LONDON |
|  | MUNICH |
|  | PARIS |
|  | SÃO PAULO |
|  | SEOUL |
|  | SINGAPORE |
|  | TOKYO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 9, 2025 | TORONTO |

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<u>VIA EDGAR</u>

Securities and Exchange Commission<br> Division of Corporation Finance<br> Office of Crypto Assets<br> 100 F Street, N.E.<br> Washington, DC 20549-3561

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| Attn: | David Lin |
|  | Irene Paik |
|  | Kate Tillan |
|  | Robert Telewicz |

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| **Re:** | **Gemini Space Station, Inc.**<br> **Amendment No. 2 to Registration Statement on Form S-1<br> Filed September 2, 2025<br> File No. 333-289665** |

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On behalf of our client, Gemini Space Station, Inc., a Nevada corporation (the "<u>Company</u>"), we hereby provide responses to comments received from the staff (the "<u>Staff</u>") of the Securities and Exchange Commission (the "<u>Commission</u>") by letter dated September 5, 2025 (the "<u>Comment Letter</u>") with respect to the above-referenced Amendment No. 2 to Registration Statement on Form S-1 filed with the Commission on September 2, 2025 (the "<u>Registration Statement</u>").

Concurrently with the submission of this letter, the Company is filing, through the Commission's Electronic Data Gathering, Analysis and Retrieval system, Amendment No. 3 to the Registration Statement (the "<u>Amended Registration Statement</u>") in response to the Staff's comments and certain other changes.

The headings and paragraph numbers in this letter correspond to those contained in the Comment Letter and, to facilitate the Staff's review, we have reproduced the text of the Staff's comments in bold and italics below. All references to page numbers and captions (other than those in the Staff's comments and unless otherwise stated) correspond to the page numbers and captions in the Amended Registration Statement.

Securities and Exchange Commission

September 9, 2025

**<u>Risk Factors</u>**<br> **<u>Our amended and restated articles of incorporation will provide that the Eighth Judicial District Court of Clark County, Nevada..., page 80</u>**

***1.*** ***We note your revised disclosure in response to prior comment 2. Please revise your disclosure here and on pages 186 - 187 to address the following:***

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Please consider streamlining your disclosure in the first two paragraphs of this risk factor, as much of the information appears redundant. In this regard, both paragraphs appear to summarize Section 11.1 of the form of Amended and Restated Articles of Incorporation, although the second paragraph appears to be more consistent with the contents of Section 11.1. Please revise as appropriate.*** 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Please expand your disclosure to describe Section 11.2 of the form of Amended and Restated Articles of Incorporation.*** 

Securities and Exchange Commission

September 9, 2025

**<u>Capitalization,</u>**  **<u>page 92</u>**

***2.*** ***Given the changes in your capitalization as a result of the Transactions and the Additional Borrowings, please include explanatory notes to explain the adjustments reflected in the pro forma amounts. For example, define the term "Additional Borrowings," including a description of the significant terms of the borrowings, and explain the changes to your cash and cash equivalents. In your response, please clarify how the pro forma adjustments made to your capitalization table relate to the pro forma adjustments described on page 15 in your summary historical consolidated financial data. Additionally, please explain how your adjustment to reflect the conversion of approximately $788 million of convertible notes and convertible term loans reconciles to your disclosure on page 12 which discusses the conversion of approximately $695.6 million of convertible notes and convertible term loans.***

The Company respectfully acknowledges the Staff's comment and advises the Staff that the Company has revised the disclosure on pages 94-95 to explain the adjustments reflected in the pro forma amounts, including (i) the "Additional Borrowings," (ii) changes to cash and cash equivalents, and (iii) reconciling the carrying amount of the Convertible Notes and Convertible Term Loans which as of June 30, 2025 was $788.3 million, with the disclosure elsewhere in the prospectus discussing the conversion of approximately $695.6 million of Convertible Notes and Convertible Term Loans. The carrying amount of the Convertible Notes and Convertible Term Loans as of June 30, 2025 was $788.3 million, measured at fair value under ASC 825. The fair value reflects $146.7 million of cumulative losses related to changes in fair value as well as cumulative gains of $5.8 million in instrument-specific credit risk, recorded in accumulated other comprehensive income. The pro forma balance sheet as of June 30, 2025, eliminates the fair value carrying amount of these loans and reflects the additional $37.9 million drawn under the Convertible Term Loans subsequent to June 30, 2025. Upon the completion of this offering, all outstanding Convertible Notes and Convertible Term Loans, including accrued and unpaid interest thereon through the closing date of this offering, will automatically convert into shares of common stock. As a result, the total amount converting at the closing date of this offering is approximately $695.6 million, compared to a carrying value of $788.3 million on our June 30, 2025 balance sheet. The difference primarily reflects (i) additional draws of $37.9 million and additional accrued interest through the closing date of this offering of approximately $10.3 million and (ii) the elimination of approximately $140.9 million, net, related to instrument-specific credit risk and other fair value adjustments required under U.S. GAAP.

**<u>Management's Discussion and Analysis of Financial Condition and Results of Operations Quarterly Key Business Metrics, page 117</u>**

***3.*** ***We note your disclosure of exchange revenue by crypto asset for the one month period ended July 2025 and 2024. Tell us what consideration you gave to balancing this disclosure by also providing exchange operating expenses or profit for the same one month periods.***

The Company respectfully acknowledges the Staff's comment and advises the Staff that the Company presents exchange revenue by crypto asset as a key business metric as trading activity in individual underlying crypto assets is a primary driver of its exchange revenue. The Company believes it provides investors with useful insight into business mix, concentration risk and market exposure. Additionally, this key business metric also shows the Company's exchange's ability to adapt to new crypto assets and shifting customer demand. The Company believes this presentation is consistent with how management evaluates the business and with industry practice among comparable companies.

By contrast, the Company does not present exchange operating expenses or profit by crypto asset or exchange operating expenses or profit at an aggregated exchange level, as (i) these metrics are not how management evaluates performance and (ii) it is not feasible to assign or attribute operating expenses to specific crypto assets. Exchange operating expenses are generally incurred on a platform-wide basis, including technology infrastructure, custody and security, compliance, and personnel, and do not vary in a manner that is attributable to a specific crypto asset. Furthermore, costs associated with operating the exchange are embedded within multiple expense categories. Because these costs support the platform as a whole, rather than specific revenue sources, trading pairs or assets, it is not practicable to isolate them as a discrete line item without applying arbitrary allocations. The Company believes that presenting operating expenses by function on a quarterly basis provides investors with the most relevant insight into cost structure and profitability, and that such presentation provides sufficiently balanced information for investors to meaningfully evaluate exchange revenue and exchange operating expenses.

Securities and Exchange Commission

September 9, 2025

For these reasons, the Company respectfully submits that its disclosures of exchange revenue by crypto asset as a key business metric is balanced and useful to investors and that providing operating expenses or profit would not enhance comparability or understanding. The Company further respectfully notes that it has included customary cautionary disclosures that this metric is not intended to be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP.

**<u>Description of Capital Stock</u>**<br> **<u>Provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, page 185</u>**

***4.*** ***We note your revised disclosure in response to prior comment 8 that the limited jury waiver provision in your amended and restated articles of incorporation is intended to apply to any and all "internal actions" (as defined in NRS 78.046) to the fullest extent not inconsistent with any applicable U.S. federal laws (including the Securities Act and the Exchange Act). Please further revise your disclosure here and on pages 80 – 81 to clearly state whether such provision applies to claims under the Securities Act or the Exchange Act. If not, please also ensure that the limited jury waiver provision in your amended and restated articles of incorporation states this clearly, or tell us how you will inform investors in future filings that the provision does not apply to any actions arising under the Securities Act or Exchange Act.***

The Company respectfully acknowledges the Staff's comment and has revised its disclosure on pages 82-83 and 188-189 of the Amended Registration Statement to make clear the application of limited jury waiver provision in the Company's form of amended and restated articles of incorporation to claims under the Securities Act or the Exchange Act. In response to the Staff's comment, the Company will continue to include clear disclosure regarding its limited jury waiver provision in the Company's future filings of the Description of Capital Stock exhibit required by Item 601(b)(4) of Regulation S-K as well as in future filings describing its amended and restated articles of incorporation. Additionally, the Company intends to include the risk factor addressing the limited waiver of trial by jury on pages 82-83 of the Amended Registration Statement in its future filings with the Commission, including Annual Reports on Form 10-K, to keep investors informed of its application to any actions arising under the Securities Act or Exchange Act.

\* \* \* \* \*

Securities and Exchange Commission

September 9, 2025

Please contact me at (212) 735-3712 or ryan.dzierniejko@skadden.com if the Staff has any questions or requires additional information.

Very truly yours,

/s/ Ryan J. Dzierniejko

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| cc: | Tyler Winklevoss, Chief Executive Officer, Gemini Space Station, Inc.<br> Cameron Winklevoss, President, Gemini Space Station, Inc.<br> Dan Chen, Chief Financial Officer, Gemini Space Station, Inc.<br> Marshall Beard, Chief Operating Officer, Gemini Space Station, Inc.<br> Tyler Meade, Chief Legal Officer, Gemini Space Station, Inc.<br> David Goldschmidt, Skadden, Arps, Slate, Meagher & Flom LLP<br> Joseph Hall, Davis Polk & Wardwell LLP<br> Daniel P. Gibbons, Davis Polk & Wardwell LLP |

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