TLDR
- Gemini cryptocurrency exchange filed SEC paperwork for Nasdaq listing under ticker GEMI
- Company posted $282.5 million net loss in first half of 2025 on $67.9 million revenue
- Cash reserves fell from $341.5 million to $161.9 million between end of 2024 and mid-2025
- Winklevoss twins will retain majority voting control through dual-class share structure
- IPO follows successful public debuts by crypto companies Circle and Bullish in 2025
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed with the Securities and Exchange Commission for a public listing on Nasdaq. The digital asset platform will trade under the ticker symbol GEMI.
The crypto exchange, established in 2014, operates trading services, custody solutions, and blockchain products. Gemini’s offerings include the Gemini Dollar stablecoin and a cryptocurrency rewards credit card.
Goldman Sachs, Morgan Stanley, and Citigroup will underwrite the initial public offering. The company has not disclosed pricing details for the stock sale.
Growing Financial Pressures
Gemini’s SEC filing reveals worsening financial performance ahead of its Wall Street debut. The cryptocurrency exchange reported $142.2 million in revenue for 2024 but posted a $158.5 million net loss.
Financial challenges have intensified in 2025. During the first six months, Gemini recorded a $282.5 million net loss on just $67.9 million in revenue.
The crypto platform’s cash position has deteriorated rapidly. Gemini held $341.5 million in cash and equivalents at the end of 2024, which declined to $161.9 million by mid-2025.
These financial metrics come as Gemini competes in an increasingly crowded cryptocurrency exchange market. The company seeks to raise capital through public markets to fund operations and growth.
Operational costs have outpaced revenue growth as the crypto exchange invests in technology and regulatory compliance. The widening losses reflect broader challenges facing digital asset platforms.
Winklevoss Control Structure
The IPO will create a dual-class voting system for Gemini shareholders. Public investors will receive Class A shares carrying one vote each.
The Winklevoss brothers will retain all Class B shares, which carry ten votes per share. This structure ensures the twins maintain majority voting control despite selling equity stakes.
Nasdaq rules classify Gemini as a “controlled company” under this arrangement. The designation allows the crypto exchange certain governance exemptions while trading publicly.
Cameron and Tyler Winklevoss have supported Donald Trump’s presidential campaigns and crypto-focused political action committees. The brothers gained early Bitcoin wealth and founded Gemini after legal battles with Facebook.
Crypto IPO Market Momentum
Gemini joins a wave of cryptocurrency companies pursuing public listings in 2025. The Trump administration’s pro-crypto policies have boosted investor confidence in digital asset stocks.
Circle Internet Group completed a successful IPO in June, raising $1.1 billion from public investors. The stablecoin issuer’s shares closed 167% above the $31 offering price on the first trading day.
Crypto exchange Bullish also went public with strong performance. The platform’s stock surged 83.8% on debut day, closing at $68 and achieving a market valuation exceeding $10 billion.
Bullish shares briefly touched $118 during trading, representing over 215% gains from the $37 IPO price. These results have encouraged other crypto firms to pursue public market access.
