<SEC-DOCUMENT>0001104659-25-070432.txt : 20260114
<SEC-HEADER>0001104659-25-070432.hdr.sgml : 20260114
<ACCEPTANCE-DATETIME>20250724171102
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-070432
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250724

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:		DRSLTR

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Skadden,
Arps, Slate, Meagher&nbsp;&amp; Flom llp</FONT></P>

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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">One
Manhattan West</font><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRM/AFFILIATE</FONT></TD></TR>
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    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY
    10001</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFICES</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P></TD>
    <TD STYLE="text-align: center"><!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEL: (212) 735-3000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BOSTON</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAX: (212) 735-2000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHICAGO</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.skadden.com&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOUSTON</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOS ANGELES</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PALO ALTO</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WASHINGTON, D.C.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABU DHABI</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BEIJING</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRUSSELS</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRANKFURT</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HONG KONG</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LONDON</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MUNICH</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARIS</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&Atilde;O PAULO</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEOUL</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SINGAPORE</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOKYO</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 7pt EngraversGothic BT,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TORONTO</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">July&nbsp;24,
2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>VIA EDGAR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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</P>

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<TD STYLE="width: 5%; text-align: left">Attn:</TD><TD STYLE="text-align: justify">David Lin<BR> Irene Paik<BR> Kate Tillan<BR> Robert Telewicz</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Re:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gemini Space Station,&nbsp;Inc.<BR>
</B></FONT><B>Amendment No.&nbsp;2 to Draft Registration Statement on Form&nbsp;S-1<BR>
Submitted July&nbsp;2, 2025<BR>
CIK No.&nbsp;0002055592</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
behalf of our client, Gemini Space Station,&nbsp;Inc., a Nevada corporation (the </FONT>&ldquo;<U>Company</U>&rdquo;), we hereby provide
responses to comments received from the staff (the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
by letter dated July&nbsp;16, 2025 (the &ldquo;<U>Comment Letter</U>&rdquo;) with respect to the above-referenced Amendment No.&nbsp;2
to Draft Registration Statement on Form&nbsp;S-1 confidentially submitted to the Commission on July&nbsp;2, 2025 (the &ldquo;<U>Registration
Statement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Concurrently
with the submission of this letter, the Company is confidentially submitting, through the Commission&rsquo;s Electronic Data Gathering,
Analysis and Retrieval system, an Amendment No.&nbsp;3 to the Draft Registration Statement (the </FONT>&ldquo;<U>Amendment</U>&rdquo;)
in response to the Staff&rsquo;s comments and to reflect certain other changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The headings and paragraph
numbers in this letter correspond to those contained in the Comment Letter and, to facilitate the Staff&rsquo;s review, we have reproduced
the text of the Staff&rsquo;s comments in bold and italics below. All references to page&nbsp;numbers and captions (other than those in
the Staff&rsquo;s comments and unless otherwise stated) correspond to the page&nbsp;numbers and captions in the Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Prospectus Summary<BR>
Summary of the Transactions, page&nbsp;7</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</I></B></FONT><B><I>Please
briefly summarize your accounting treatment for the transactions. We do not see a discussion of the transaction(s)&nbsp;whereby the Founders
receive Class&nbsp;B common stock. Further, on page&nbsp;78 you disclose that Gemini Space Station, LLC's convertible notes and convertible
term loans will convert into LLC Interests immediately prior to or upon consummation of the offering. Tell us whether those LLC Interests
will subsequently be converted into Class&nbsp;B (or A) common stock of the registrant and when. As applicable, revise your disclosure
to clarify.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that the Company evaluated the accounting treatment for the series of reorganization transactions to be
completed in connection with the offering under ASC 805,&nbsp;<I>Business Combinations</I>, and ASC 810,&nbsp;<I>Consolidation.</I> The
Company has determined that these transactions represent a reorganization of entities under common control in accordance with ASC 805-50.
The accounting will reflect the historical carrying value of the net assets. The exchanges of convertible instruments and LLC interests
for Class&nbsp;A and Class&nbsp;B common stock, as applicable, will be reflected as an equity reorganization with no impact on the consolidated
statements of operations and comprehensive loss. The Company has determined that the parent company is the appropriate accounting successor
and will consolidate the surviving subsidiary following the reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully advises the Staff
that the Founders will receive Class&nbsp;B common stock in the merger of Gemini Merger Sub, LLC (a wholly-owned subsidiary that
will be formed by Gemini Space Station,&nbsp;Inc.) with Gemini Space Station, LLC, with Gemini Space Station, LLC surviving
(&ldquo;LLC Merger&rdquo;). The Class&nbsp;B common stock received by the Founders in the LLC Merger will be received in exchange
for the Founder&rsquo;s LLC Interests in Gemini Space Station, LLC (both existing LLC Interests and LLC Interests received
immediately prior to the LLC Merger upon the conversion of the convertible notes and convertible term loans held by the Founders).
The remaining holders of LLC Interests in Gemini Space Station, LLC (holders other than the Founders and holders that are receiving
Class&nbsp;A common stock in exchange for their LLC interests in the Astro Merger or Blocker Mergers) will receive Class&nbsp;A
common stock in exchange for their LLC Interests in the LLC Merger. The Company respectfully advises the Staff that it will file a
copy of the applicable merger agreement(s)&nbsp;as an exhibit in a future amendment to its registration statement. Additionally, the
Company has revised its disclosure on pages&nbsp;7, 8 and 12 to provide further clarification in response to the Staff&rsquo;s
comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations<BR>
Liquidity and Capital Resources, page&nbsp;104</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</I></B></FONT><B><I>Refer
to prior comment 7. Please disclose, similar to your response, that the applicable regulatory frameworks require you to maintain a minimum
level of crypto assets to meet ongoing licensing or regulatory obligations and the regulatory agreement prohibits lending, pledging, rehypothecation,
or encumbrance of the assets, but it does not prohibit the sale of such assets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment and has revised its disclosure on page&nbsp;105 of the Amendment in response to the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Consolidated Financial Statements<BR>
Note 2. Summary of Significant Accounting Policies<BR>
Related party loans and convertible notes, page&nbsp;F-14</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</I></B></FONT><B><I>We
note your response to prior comment 14. Please tell us how you considered the fact that you may not sell, pledge, or rehypothecate the
crypto assets in your conclusion that you control those assets. In your response, please describe the purpose behind any regulatory capital
requirements and clarify for us how loaned crypto assets can support regulatory requirements if they cannot be sold, pledged or exchanged.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that while these assets are borrowed and restricted in use, these assets are held in wallets controlled
by the Company. Although they may not be sold, pledged, or exchanged, they are available to meet minimum reserve and capital requirements
under applicable regulatory frameworks or posting such assets as collateral with certain third parties. In reaching its conclusion, the
Company considered the guidance in paragraph E16 and E17 of FASB Concepts Statement No.&nbsp;8, <I>Conceptual Framework for Financial
Reporting Chapter 4</I>, which states that an asset has the following two essential characteristics: i) it is a present right, and ii)
the right is to an economic benefit. The Company has a present right to the assets and maintains control over these assets because it
retains the ability to direct the use of, and obtain substantially all of the remaining benefits from, the crypto assets during the borrowing
term. The lender does not have access to the assets during the borrowing term. Only the Company can control movement or usage of the assets
within the agreed upon scope. The Company also assumes certain risks, such as price volatility of the underlying assets, during the borrowing
term. The assets enable the Company to maintain required licenses and continue operations and access to operational liquidity from a third-party.
This access to markets, revenue-generating activities and operational liquidity constitutes an identifiable future economic benefit. These
utilities are economically beneficial to the Company and not shared with the lender during the term. Based on the Company's control of
the assets and the economic benefits derived recognition of the borrowed crypto assets on the Company's balance sheet is deemed appropriate.
This treatment is further supported by the AICPA Digital Asset Working Group Practice Aid, <I>Accounting for and Auditing of Digital Assets,
</I>Q&amp;A 10 as well as Q&amp;A 26, which addresses the accounting for crypto assets received under borrowing arrangements. These note
that recognition is appropriate when the borrower controls the asset, assumes the associated risks and rewards and derives economic benefit.
The Company assessed the following criteria an entity may consider when determining if control has transferred per Q&amp;A 10:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Are there side agreements affecting the rights and obligations of the depositor and the custodian:</I>
Yes, while the crypto assets were initially obtained through a borrowing facility at the parent company, they were subsequently contributed
to the regulated subsidiary under a formal capital contribution agreement. At the subsidiary level, the assets are unencumbered and fully
available for regulatory capital purposes. The regulated subsidiary has the present right to economic benefits by using the assets to
satisfy regulatory requirements, has the ability to direct their use for that purpose, and no other party (including the parent or lender)
can restrict or reclaim the assets once contributed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>When the depositor transfers its digital assets out of the custodian&#8217;s wallet, is the custodian
required to transfer the depositor&#8217;s original units of the digital assets deposited with the custodian</I>: No, the custodian is
not required to transfer the original units back.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Do the terms of the arrangement between the depositor and the custodian indicate whether depositor
will pass title, interest or legal ownership of the digital asset to the custodian: </I>Yes, the custodian has legal ownership of the
digital assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Does the depositor bear the risk of loss if the deposited digital asset is not retrievable by the custodian
(for example, due to security breach, hack, theft, or fraud):</I> The Company bears the risk of loss if the deposited digital asset is
not retrievable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes that none of the
remaining indicators in Q&amp;A 10, when considered in the aggregate, would contradict its conclusion. Based on the assessment
above, the Company has concluded it does control the digital assets borrowed and therefore recognizes these assets in their
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintains regulatory capital in
accordance with the requirements of the New York Department of Financial Services (&ldquo;NYDFS&rdquo;), which sets capital
thresholds based on the size, risk profile, and scope of business operations of the Company&rsquo;s regulated subsidiary. The NYDFS
permits the regulated subsidiary to maintain regulatory capital in the form of virtual currency, fiat currency, or
other qualifying assets. Moreover, the Company believes the defined purpose of the crypto loans contributes to the stability and
integrity of the reserve. Because these assets are solely for regulatory use, they are insulated from discretionary business
activity. This enhances the reliability of the capital maintained to meet NYDFS requirements and aligns with the regulatory
objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Note
3. Revenue</U></B></FONT><U><BR>
<B>Transaction revenue, page&nbsp;F-23</B></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</I></B></FONT><B><I>We
have considered your response to our prior comment 18. Please address the following with respect to instant orders executed through the
GILP:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><B><I>Provide us with copies of any contracts or terms and conditions related to instant orders.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><B><I>Provide us with a step by step walkthrough of the instant order process from the perspective of
both the buyer and seller of crypto assets. In your response, please clarify for us whether crypto assets used to settle instant orders
are sourced from crypto assets held in custody by you in omnibus wallets, held in custody by sellers in their own wallets or a combination
of the two. In addition, to the extent you are able, please tell us the gross transaction amount of instant orders for each period presented
in your financial statements.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><B><I>In your prior response you state &quot;At no point does the Company control the crypto assets in
the trade settlement execution, nor are customer assets commingled with corporate assets.&quot; Please expand on how you determined you
do not have control of the crypto assets at any point in the trade settlement execution. In your response, please explain to us which
entity has control of the crypto assets during this process. In addition, please clarify for us whether you obtain legal title to the
crypto assets at any point during trade settlement execution and if not explain to us what entity does have legal title at each stage
of settlement execution.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><B><I>Please provide us with a more detailed discussion of how you considered the indicators in ASC Topic
606-10-55-39 in determining you are the agent with respect to instant orders. In your analysis, please address, but do not limit your
response to, the following:</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">o</FONT></TD><TD STYLE="text-align: justify"><B><I>Clarify
                                            for us how you considered whether you have inventory risk given the statement in your response
                                            that GILP takes possession of the crypto assets as part of settling the trade.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">o</FONT></TD><TD STYLE="text-align: justify"><B><I>In
                                            your response you state that you reserve the right to reject any order for any reason. Please
                                            expand on this statement and provide us with examples of when you would reject an order.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">o</FONT></TD><TD STYLE="text-align: justify"><B><I>Provide
                                            us with a more detailed discussion of how you determined you do not have discretion in setting
                                            price. In that regard, we note you provide a firm quote to users when an order is initiated,
                                            and you have designed the fill-or-kill parameters. Tell us how you considered these facts
                                            in your analysis. In addition, please tell us who establishes the fees charged on instant
                                            orders and how that fact was considered in your price discretion analysis.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff as follows in response to each of the Staff&rsquo;s comments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Provide us with copies of any contracts or terms and conditions related to instant orders.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company respectfully advises the Staff that in accordance with Rule&nbsp;418(b)&nbsp;promulgated under the Securities Act of 1933, as
amended, and Rule&nbsp;83 of the Commission&rsquo;s Rules&nbsp;on Information and Requests (17 C.F.R. &sect;200.83), the Company is concurrently
submitting in electronic form under separate cover copies of its contracts related to instant orders in effect during the periods presented
in the Amendment. Further, the Company respectfully advises the Staff that the terms and conditions related to instant orders related
to users is publicly available on the Company&rsquo;s website at the following link: </FONT>https://www.gemini.com/legal/gemini-trust-user-agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully advises the Staff
that such user agreement (the &ldquo;User Agreement&rdquo;) provides, under the section &ldquo;Order Placement via Gemini
Interface&rdquo;, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;Specifically, you further agree
and understand that all Gemini Orders either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.75in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in">i.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">execute against a principal market maker that is a Gemini Service Provider and affiliate (the &ldquo;Liquidity
Provider&rdquo;), or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">are placed and, if conditions allow, executed on your behalf on our Exchange by the Liquidity Provider
as an agency broker&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company notes that GILP is the Liquidity Provider referenced therein. While the User Agreement contemplates both potential execution
models</FONT>&mdash;against a principal market maker affiliate and via execution as an agency broker&mdash;GILP operates under the agency
broker model in practice. In this capacity, the affiliated Liquidity Provider (GILP) facilitates execution of customer orders on the Company&rsquo;s
exchange without taking principal risk or obtaining control of the crypto assets, as further discussed below. Although the legal structure
allows for principal transactions, GILP does not currently engage in such activity in any material way. Thus, while the User Agreement
is drafted broadly to preserve flexibility, the actual execution process is that of an agency broker model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Provide us with a step by step walkthrough of the instant order process from the perspective of both
the buyer and seller of crypto assets. In your response, please clarify for us whether crypto assets used to settle instant orders are
sourced from crypto assets held in custody by you in omnibus wallets, held in custody by sellers in their own wallets or a combination
of the two. In addition, to the extent you are able, please tell us the gross transaction amount of instant orders for each period presented
in your financial statements.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that the gross transaction amount of instant orders for each period presented in the financial statements
included in the Amendment was approximately $2.2 billion and $3.7 billion for the years ended December&nbsp;31, 2023, and 2024, respectively.
Such amounts represent the total notional value of instant orders executed during each respective period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in response to the Staff&rsquo;s
comment, the Company respectfully provides the following step-by-step walkthrough of the instant order flow from both the buyer and seller
perspective:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Buyer Flow</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in">1.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">A buyer logs into the Company&rsquo;s platform and initiates an instant order to purchase crypto at a
quoted price.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"></TD><TD STYLE="padding-bottom: 5pt">2.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">GILP sources the quote from active bid/asks on the Company&rsquo;s Central Limit Order Book, which refers
to real-time access to buy and sell orders submitted by market participants on the Company&rsquo;s trading platform showing the number
of buyers and sellers available, prices being offered and what volumes are available.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"></TD><TD STYLE="padding-bottom: 5pt">3.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">The buyer confirms they agree to the quote.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"></TD><TD STYLE="padding-bottom: 5pt">4.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">The buyer&rsquo;s settlement assets, already held in the Company&rsquo;s omnibus custody, are placed under
restriction. This restricted balance directly offsets the matching seller&rsquo;s order and ensures that the crypto cannot be transferred,
reused, or reallocated by the Company for any other purpose. The Company has no discretion or latitude to redirect the buyer&rsquo;s or
seller&rsquo;s assets other than to facilitate the settlement and closure of the matched trade.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"></TD><TD STYLE="padding-bottom: 5pt">5.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">GILP submits a fill-or-kill buy order to the Central Limit Order Book to identify a seller.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt"></TD><TD STYLE="padding-bottom: 5pt">6.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">Upon settlement, the buyer&rsquo;s restricted fiat or stablecoin balance is transferred to GILP to settle
the buyer&rsquo;s order and GILP simultaneously settles the matching fill-or-kill order with the seller. Simultaneously, the buyer is
granted the receipt of the crypto asset, which is reflected as an increase in the buyer&rsquo;s omnibus custody account held by the Company
in custodial capacity on behalf of platform users.</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>7.</TD><TD STYLE="text-align: justify">GILP ends the flow in a neutral position, as any trades facilitated during the day are fully offset. As a result, GILP does not carry a position or take
on exposure to changes in the value of crypto assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Seller Flow</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in">1.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">A seller initiates an order to sell crypto at a quoted price.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in">2.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">GILP sources the quote from active bid/asks on the Company&rsquo;s Central Limit Order Book, which refers
to real-time access to buy and sell orders submitted by market participants on the Company&rsquo;s trading platform showing the number
of buyers and sellers available, prices being offered and what volumes are available</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in">3.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">The seller confirms they agree to the quote.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in">4.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">The seller&rsquo;s crypto, already held in the Company&rsquo;s omnibus custody, is placed under restriction.
This restricted balance directly offsets the matching buyer&rsquo;s purchase order and ensures that the crypto cannot be transferred,
reused, or reallocated by the Company for any other purpose. The Company has no discretion or latitude to redirect the buyer&rsquo;s or
seller&rsquo;s assets other than to facilitate the settlement and closure of the matched trade.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in">5.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">GILP submits a matching fill-or-kill sell order on the Central Limit Order Book to identify a buyer.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.25in">6.</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">Upon settlement the seller&rsquo;s restricted crypto is immediately used to settle the fill-or-kill order
and GILP receives fiat or stablecoin proceeds from the buyer. The seller simultaneously receives stablecoin or fiat in their Gemini account.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">GILP ends the flow in a neutral position, as any trades facilitated during the day are fully offset. As a result, GILP does not carry a position or take
on exposure to changes in the value of crypto assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Custody Clarification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Crypto assets and fiat used to settle instant
orders are held within the Company&rsquo;s omnibus custody structure. Customers do not custody settlement assets in individual wallets
for purposes of instant orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>In your prior response you state &quot;At no point does the Company control the crypto assets in the
trade settlement execution, nor are customer assets commingled with corporate assets.&quot; Please expand on how you determined you do
not have control of the crypto assets at any point in the trade settlement execution. In your response, please explain to us which entity
has control of the crypto assets during this process. In addition, please clarify for us whether you obtain legal title to the crypto
assets at any point during trade settlement execution and if not explain to us what entity does have legal title at each stage of settlement
execution.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully advises the Staff that
it does not obtain control of the crypto assets, as control under ASC 606 is defined by the ability to direct the use of, and obtain substantially
all of the remaining benefits from, the asset, as well as the ability to prevent others from directing the use of the asset. As previously
described, any temporary holding of assets during execution is purely incidental for the purpose of settlement and involves intra-platform
reallocation of assets, but it does not involve the movement of corporate assets outside of the system or on-chain transaction. This does
not provide GILP with economic or practical control. This transitory custody exists solely to facilitate automated trade matching and
settlement. The customer or market counterparty retains control. GILP has no discretion over the use of buyer or seller assets and cannot
redirect or benefit from them at any point. Trades are settled solely through offsetting matched positions, and GILP acts only as a facilitator.
The seller retains control until the order is matched, at which point the asset is restricted, but this restriction does not transfer
control to GILP. Rather, it ensures the asset is reserved for settlement. GILP is not primarily responsible for fulfillment of the crypto
asset and does not obtain the benefits or risks of ownership, which are key indicators of control under ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, each trade (i)&nbsp;transfers ownership
between users, (ii)&nbsp;is recorded on the Company&rsquo;s internal ledger, and (iii)&nbsp;is reflected through automatic adjustments
to each user&rsquo;s digital asset account or fiat account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In response to the Staff&rsquo;s comment, the
Company respectfully advises the Staff that title during the process is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Before execution<I>:</I> The customer retains legal title to the crypto asset or fiat used to initiate
the order.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">During execution<I>:</I> GILP does technically take legal title to the crypto asset during the execution
of the trade, but this title is held only momentarily. Because both sides of the trade occur at the same time, GILP&rsquo;s legal title
is purely transitory. The transaction is structured to be automatic such that GILP takes possession and relinquishes possession of the
asset in a single, unified step. The flow-through structure ensures that GILP&rsquo;s role is limited to facilitating instantaneous exchange
between buyer and seller. ASC 606-10-55-37 notes, in part, that &ldquo;an entity does not necessarily control a specified good if the
entity obtains legal title to that good only momentarily before legal title is transferred to a customer&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">After execution<I>:</I> Legal title to the crypto asset transfers to the customer via internal ledger
adjustments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All transfers occur internally within the platform's
ledger system and are effectively matched peer-to-peer. Therefore, legal title passes between external parties and not through the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Please
                                            provide us with a more detailed discussion of how you considered the indicators in ASC Topic
                                            606-10-55-39 in determining you are the agent with respect to instant orders. In your analysis,
                                            please address, but do not limit your response to, the following:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">o</FONT></TD><TD STYLE="text-align: justify"><I>Clarify
                                            for us how you considered whether you have inventory risk given the statement in your response
                                            that GILP takes possession of the crypto assets as part of settling the trade.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">o</FONT></TD><TD STYLE="text-align: justify"><I>In
                                            your response you state that you reserve the right to reject any order for any reason. Please
                                            expand on this statement and provide us with examples of when you would reject an order.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">o</FONT></TD><TD STYLE="text-align: justify"><I>Provide
                                            us with a more detailed discussion of how you determined you do not have discretion in setting
                                            price. In that regard, we note you provide a firm quote to users when an order is initiated,
                                            and you have designed the fill-or-kill parameters. Tell us how you considered these facts
                                            in your analysis. In addition, please tell us who establishes the fees charged on instant
                                            orders and how that fact was considered in your price discretion analysis.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff as follows in response to each of the Staff&rsquo;s comments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Please provide us with a more detailed discussion of how you considered the indicators in ASC Topic
606-10-55-39 in determining you are the agent with respect to instant orders.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully provides to the Staff
the following detailed discussion regarding its conclusion that it acts as an agent in instant order transactions, in accordance with
the indicators in ASC Topic 606-10-55-39.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">As noted in the User Agreement, the nature of GILP&rsquo;s promise is to facilitate a transaction whereby
a buyer purchases a crypto asset from a seller, rather than to deliver the crypto asset itself. Each transaction consists of a matched,
back-to-back execution between a buyer and a seller on the Company&rsquo;s Central Limit Order Book. GILP is not primarily responsible
for fulfilling the promise to provide the crypto assets. The crypto assets are supplied by a third-party seller, and GILP&rsquo;s role
is limited to operating the exchange platform, matching orders, and facilitating settlement between the buyer and the seller. GILP facilitates
the execution but does not obtain control of the crypto asset before transfer</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">GILP does not assume inventory risk as described in ASC 606-10-55-39. There is no market exposure as execution
is contingent upon offsetting trade execution. A trade is only completed if GILP can confirm an offsetting transaction at the quoted price.
If there is market movement or illiquidity in that brief window, the transaction is not executed. As such, GILP does not hold crypto assets
for resale, nor does it assume price risk before, during, or after facilitation. As previously described, GILP maintains a minimal level
of inventory to support operational liquidity necessary for the functioning of its exchange platform. These assets are not used to satisfy
instant orders. Each leg of the instant order is executed simultaneously, and GILP does not profit or lose from price fluctuations. Any
possession is momentary within the system's internal ledger and is custodial in nature - it is not for trading, speculation or fulfillment
from inventory. Accordingly, the Company concluded GILP does not bear inventory risk.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">While GILP presents a firm quote this does not equate to pricing discretion in the context of ASC 606.
The following points were considered in concluding that GILP lacks such discretion:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Firm quotes are derived from the Central Limit Order Book which is an open marketplace of third-party
participants. This quote is generated based on prices available from third-party participants. The quote is considered firm in the sense
that it reflects the actual price at which the user may settle the trade. Upon the user accepting the quote, the platform&rsquo;s matching
engine attempts to immediately execute the corresponding sell-side leg. If the system determines that no seller is available to fulfill
the order at the quoted price, the order is canceled. The sequence is therefore: 1) quote is displayed; 2) user accepts; 3) system attempts
to match with a sell-side order; and 4) if no match is found, the order is not executed. GILP does not manually adjust quotes or exercise
judgment over price levels. GILP does not independently price crypto assets or adjust quotes for profit. It simply facilitates what the
Central Limit Order Book provides.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">GILP earns a fixed spread embedded in the quote. The spread is set in advance and applied consistently
across customer types and transactions. The spread is designed to cover operational costs and reflects a facilitation fee, akin to a commission.
The quote represents the underlying Central Limit Order Book price plus the disclosed spread. The customer always retains the right to
accept or reject the quote.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, the Company has concluded that GILP
does not have pricing discretion in the manner contemplated by ASC 606-10-55-39 (c). It simply passes through market prices with a transparent
facilitation fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Clarify for us how you considered whether you have inventory risk given the statement in your response
that GILP takes possession of the crypto assets as part of settling the trade.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully refers the Staff to its
response in (b)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>In your response you state that you reserve the right to reject any order for any reason. Please expand
on this statement and provide us with examples of when you would reject an order.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s systems reserve the right
to reject an order for limited operational risk and management purposes. Examples include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><I>Market volatility</I> &ndash; if between quote issuance and customer acceptance, market conditions
change such that the offsetting trade cannot be executed at the quoted price, the trade is canceled to prevent execution at a loss. This
is a system safeguard, not a discretionary rejection. This safeguard is necessary because the Company&rsquo;s role is to facilitate access
to third-party liquidity providers who set their own prices. The Company does not itself guarantee the price or take principal risk. Instead,
the Company&rsquo;s platform serves as a conduit between the customer and the third-party liquidity provider, with the trade being contingent
on the liquidity provider&rsquo;s ability to execute the offsetting leg in real time. The cancellation mechanism exists to protect the
liquidity provider from executing at a stale or unfavorable price due to market movements in the window between quote issuance and customer
acceptance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Liquidity constraints</I> &ndash; if there is insufficient liquidity on the Central Limit Order Book
to execute the back-to-back leg of the transaction, the system may decline the order. This condition typically arises when there are no
willing sellers offering the requested crypto assets at the desired price or in the required quantity at the time the customer submits
the order. Because the Company does not fulfill orders itself and does not maintain an inventory of crypto assets for resale, if no suitable
match is available on the Central Limit Order Book, the order will be declined. This safeguard reflects the Company&rsquo;s role as an
agent facilitating transactions between buyers and sellers and highlights that settlement is subject to market availability and participant
activity on the platform.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><I>Compliance filters</I> &ndash; transactions may also be rejected due to KYC flags.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rejections are dictated by pre-set system parameters
and not discretionary human intervention. The Company does not cherry-pick which orders to execute for profitability or volume. The system
executes or cancels based on objective criteria and execution feasibility. This further supports accounting agent conclusion as the Company
lacks the ability to control outcomes for its own benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><I>Provide us with a more detailed discussion of how you determined you do not have discretion in setting
price. In that regard, we note you provide a firm quote to users when an order is initiated, and you have designed the fill-or-kill parameters.
Tell us how you considered these facts in your analysis. In addition, please tell us who establishes the fees charged on instant orders
and how that fact was considered in your price discretion analysis.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully refers the Staff to its
response in (c)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the above analysis, the Company concluded
that GILP acts as an agent for accounting purposes as it (i)&nbsp;is not primarily responsible for fulfilling the order; (ii)&nbsp;does
not control the crypto asset before transfer to the customer; (iii)&nbsp;bears no inventory or market risk; (iv)&nbsp;lacks pricing discretion;
(v)&nbsp;facilitates execution via matched trades between customers and third-party liquidity providers; and (vi)&nbsp;earns a spread,
akin to a commission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;24, 2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;10</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please contact me at (212)
735-3712 or ryan.dzierniejko@skadden.com if the Staff has any questions or requires additional information.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">Very truly yours,</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Ryan J. Dzierniejko</TD></TR>
     </TABLE>

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<TD STYLE="width: 5%">cc:</TD><TD STYLE="text-align: justify; width: 95%">Tyler Winklevoss, Chief Executive Officer, Gemini Space Station, LLC<BR>
Cameron Winklevoss, President, Gemini Space Station, LLC<BR>
Dan Chen, Chief Financial Officer, Gemini Space Station, LLC<BR>
Marshall Beard, Chief Operating Officer, Gemini Space Station, LLC<BR>
Tyler Meade, Chief Legal Officer, Gemini Space Station, LLC<BR>
David Goldschmidt, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP<BR>
Joseph Hall, Davis Polk&nbsp;&amp; Wardwell LLP<BR>
Daniel P. Gibbons, Davis Polk&nbsp;&amp; Wardwell LLP</TD></TR></TABLE>

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