SCHEDULE: Morgan Creek Entities Disclose 6.3% Stake in Gemini

Morgan Creek Private Opportunities, Morgan Creek Digital Fund III, and Mark W. Yusko jointly reported beneficial ownership of 6.3% of Gemini Space Station, Inc.'s Class A Common Stock.

Summary

• Morgan Creek Private Opportunities, LLC Series MGemini, Morgan Creek Digital Fund III, LP, and Mark W. Yusko have filed a joint Schedule 13G.
• The filing reports beneficial ownership of Class A Common Stock of Gemini Space Station, Inc. (CUSIP 36866J105).
• Morgan Creek Private Opportunities, LLC Series MGemini beneficially owns 2,185,719 shares, representing 5.2% of the class.
• Morgan Creek Digital Fund III, LP beneficially owns 464,280 shares, representing 1.1% of the class.
• Mark W. Yusko beneficially owns an aggregate of 2,649,999 shares, representing 6.3% of the class, due to his managerial roles in the other two entities.
• The percentages are based on 42,257,114 shares of Class A Common Stock outstanding as of September 15, 2025.
• The securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of significant beneficial ownership by investment entities, indicating institutional interest in Gemini Space Station, Inc. without implying any active control intent. This is generally a neutral to slightly positive signal.

Positives

• Significant institutional interest from Morgan Creek entities in Gemini Space Station, Inc.
• The investment by established funds like Morgan Creek Private Opportunities and Morgan Creek Digital Fund III may signal confidence in the issuer's long-term prospects.

Risks

• Mark W. Yusko disclaims beneficial ownership of the shares held by the entities, except to the extent of his pecuniary interest in such shares, which could imply a limited direct financial stake for him personally in some of the reported shares.

Future Outlook

No forward-looking statements or guidance are provided in this beneficial ownership disclosure.

Management Comments

• Mark W. Yusko, as an Authorized Signatory for Morgan Creek Private Opportunities, LLC Series MGemini and Morgan Creek Digital Fund III, LP, and individually, certified that the information is true, complete, and correct to the best of his knowledge and belief.

Industry Context

This filing represents a routine disclosure of significant passive ownership by investment funds in a publicly traded company. Such disclosures are common and indicate that institutional investors are taking positions in the market, which can be a sign of growing interest in the issuer's sector or specific business model.

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of significant institutional ownership by Morgan Creek entities may be viewed positively, potentially signaling increased confidence in Gemini Space Station, Inc. from sophisticated investors.
• Management: Awareness of a significant passive shareholder group may influence strategic considerations, though the filers explicitly state no intent to influence control.

Next Steps

• The reporting persons will be required to file amendments to this Schedule 13G if their beneficial ownership materially changes (e.g., increases or decreases by more than 1% of the class).

Key Dates

Recommendation

The Schedule 13G filing indicates a significant passive stake by reputable investment entities, which can be viewed as a positive signal of institutional confidence. However, the filing itself does not provide financial performance data or strategic updates to warrant a stronger recommendation. It is a routine disclosure of ownership, suggesting a 'hold' position while awaiting further operational or financial news.

Keywords

Gemini Space Station, Morgan Creek, Mark Yusko, Schedule 13G, beneficial ownership, Class A Common Stock, institutional investment, SEC filing