Gemini IPO: Winklevoss Twins' Crypto Company Files for IPO

Gemini Space Station Inc. Files for IPO

A further cryptocurrency firm is preparing to become publicly traded. This instance involves Gemini Space Station Inc., a New York-based cryptocurrency exchange and custodial bank established by the twin billionaires Cameron and Tyler Winklevoss.

Company Overview and History

Founded in 2014, the organization intends to be listed on the Nasdaq Global Select Market using the ticker symbol GEMI. It functions as both an exchange and a custodian, providing a range of products and services.

These offerings include a stablecoin backed by the U.S. dollar, as well as a credit card program that rewards users with cryptocurrency.

Financial Performance

The company’s S-1 filing, submitted Friday following market closure, details its financial standing. Analysis reveals a trend of increasing net losses for Gemini.

In 2024, the company recorded a net loss of $158.5 million, despite generating $142.2 million in revenue. The first half of 2025 has already seen losses surpass this figure.

Specifically, Gemini reported a net loss of $282.5 million on $67.9 million in revenue for the six months concluding June 30th.

Broader Market Trends

Gemini’s move to the public markets aligns with a broader trend within the crypto industry, spurred by a more favorable regulatory climate.

Furthermore, increased acceptance of digital currencies and other crypto assets by the Trump administration is contributing to this shift.

Recent Crypto IPOs

In June, Circle Internet Group successfully completed an IPO, raising $1.2 billion. As a major issuer of USDC – a stablecoin pegged to the U.S. dollar – the company experienced a significant market debut.

Its stock initially traded 168% above the IPO price of $31.

Despite reporting higher revenue year-over-year, Circle announced a quarterly loss on Monday, attributed to one-time expenses related to its June public offering.

Other Notable IPOs

Earlier in the month, Bullish, a cryptocurrency exchange that also owns the media platform CoinDesk, secured $1.1 billion through its IPO.

Led by former NYSE president Tom Farley, Bullish witnessed its share price more than double, peaking at $118 from its initial $37 IPO price.