Cameron Winklevoss Reports 3.18M Options, 75.1M Class B Shares in GEMI Form 4

Rhea-AI Filing Summary

Form 4 filing by Cameron Winklevoss reports securities received tied to Gemini Space Station, Inc. (GEMI). The filing shows on September 11, 2025 Cameron was granted 3,182,731 performance-based stock options exercisable at $28 with an exercise window through September 11, 2035; these options vest on specified service dates (Aug 15, 2028 and 2030) and in four installments upon meeting stock-price performance hurdles. On September 15, 2025 Cameron received 75,085,013 Class B shares in exchange for predecessor LLC interests (including conversion of approximately $228.0M of convertible notes and $467.6M of convertible term loans held by Winklevoss Capital Fund, LLC). Additional Class B shares (41,771) were received by Winklevoss Capital Fund, LLC for incentive units. The reporting person disclaims beneficial ownership of WCF-held shares except for pecuniary interest.

Positive

• Large equity conversion converted approximately $695.6 million of convertible notes and term loans into Class B stock, reducing debt on the predecessor balance sheet
• Performance-based options (3,182,731) align executive compensation with long-term stock performance and include multi-year service vesting
• Clear conversion mechanics for Class B to Class A shares allow structured transition of founder holdings into publicly tradable equity

Negative

• Concentrated ownership and control remain with the Winklevoss principals and affiliated Winklevoss Capital Fund, LLC, which may limit public shareholder influence
• Potential dilution from sizeable option pool and conversion of Class B into Class A shares could affect existing public float and per-share metrics

Insights

Financial Analyst

TL;DR: Large equity issuance and option grants materially change ownership stakes and convert substantial debt into equity.

The filing documents significant equity transfers surrounding GEMI's IPO: 75.1M Class B shares were issued to the Winklevoss principals in exchange for their LLC interests, which included conversion of roughly $695.6M of principal outstanding across convertible notes and term loans held by WCF. Separately, Cameron received 3.18M performance-based options at a $28 strike with long-dated exercisability and mixed service/performance vesting. These actions alter capitalization and lockstep between founders and affiliated fund; they also introduce performance-based dilution potential if options vest.

Corporate Governance Expert

TL;DR: Founder-related entities received majority-class shares; voting/dispositive control remains concentrated with Winklevoss principals.

The disclosure shows Class B shares convertible one-for-one into Class A shares and containing mechanics for automatic conversion upon certain events, which preserves founder economic/ voting dynamics while enabling public float. The reporting person is a director, president and 10% owner and disclaims direct beneficial ownership of shares held by Winklevoss Capital Fund, LLC except for pecuniary interest. The structure reflects common dual-class governance features and highlights concentrated insider control after the IPO-related reorganizations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Winklevoss Cameron Howard

(Last) (First) (Middle)

C/O GEMINI SPACE STATION, INC.

600 THIRD AVENUE, 2ND FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Gemini Space Station, Inc. [ GEMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance-Based Stock Options (right to buy)	$28	09/11/2025		A		3,182,731		(1)	09/11/2035	Class A Common Stock	3,182,731	$0	3,182,731	D
Class B Common Stock	(2)	09/15/2025		A		75,085,013		(2)	(2)	Class A Common Stock	75,085,013	(3)	75,085,013	I	By Winklevoss Capital Fund, LLC(4)
Class B Common Stock	(2)	09/15/2025		A		41,771		(2)	(2)	Class A Common Stock	41,771	(5)	75,126,784	I	By Winklevoss Capital Fund, LLC(4)

Explanation of Responses:

1. These performance-based stock options vest based on the achievement of both (i) service-based vesting conditions that are satisfied in two equal installments on August 15, 2028 and 2030 and (ii) performance-based vesting conditions that are satisfied in four equal installments upon the achievement of respective stock price hurdles.

2. Shares of the Issuer's Class B common stock may be exchanged at any time, at the option of the holder, for newly issued shares of the Issuer's Class A common stock, on a one-for-one basis. All outstanding shares of Class B common stock will convert automatically into shares of Class A common stock upon the occurrence of certain events. Shares of Class B common stock do not otherwise expire.

3. On September 15, 2025, immediately prior to the consummation of the Issuer's initial public offering ("IPO"), Messrs. Tyler Winklevoss and Cameron Winklevoss received an aggregate of 75,085,013 shares of Class B common stock of the Issuer in exchange for their interests in units of Gemini Space Station, LLC, a Nevada limited liability company, which is considered the predecessor of the Issuer for accounting purposes, including the units automatically converted from (i) approximately $228.0 million in aggregate principal (plus accrued and unpaid interest thereon) in the Issuer's certain convertible notes previously issued to Winklevoss Capital Fund, LLC ("WCF") and (ii) approximately $467.6 million in aggregate principal (plus accrued and unpaid interest thereon) in the Issuer's certain convertible term loans with WCF, each outstanding as of the closing date of the IPO.

4. Messrs. Tyler Winklevoss and Cameron Winklevoss are the Co-Founders and Principals of WCF, as well as the Managers of the managing entity of WCF, and exercise shared voting and dispositive control over the shares held by WCF. The reporting person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

5. In connection with the Issuer's IPO and related reorganizational transactions, WCF received 41,771 shares of Class B common stock in exchange for its corresponding incentive profits interest units in Gemini Astronaut Corps, LLC.

	/s/ Tyler Meade, as attorney-in-fact	09/16/2025
	** Signature of Reporting Person	Date
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FAQ

What securities did Cameron Winklevoss receive in the Form 4 for GEMI?

The filing shows 3,182,731 performance-based stock options at a $28 strike (exercisable through 9/11/2035) and 75,085,013 Class B common shares received on 9/15/2025.

How much debt was converted into equity in connection with the IPO according to the filing?

The filing states approximately $228.0 million of convertible notes and approximately $467.6 million of convertible term loans (aggregate ~$695.6 million) were converted into Class B common stock.

Do Class B shares convert to Class A shares?

Yes. The filing indicates Class B shares may be exchanged at any time, at the holder's option, for newly issued Class A shares on a one-for-one basis, and will convert automatically upon certain events.

Does Cameron Winklevoss claim beneficial ownership of shares held by Winklevoss Capital Fund, LLC?

The filing states the reporting person disclaims beneficial ownership of shares held by Winklevoss Capital Fund, LLC except to the extent of his pecuniary interest, while noting shared voting and dispositive control.

When do the performance-based options vest?

Service-based vesting occurs in two equal installments on August 15, 2028 and August 15, 2030, and performance-based vesting occurs in four equal installments upon achieving specified stock price hurdles.