Cryptocurrency exchange Gemini, founded by billionaire twins Cameron and Tyler Winklevoss, has officially filed for an IPO.
Gemini’s Listing Strategy
Gemini’s IPO filing outlines a dual-class share structure. Class A shares will come with one vote each, while Class B shares—held entirely by the Winklevoss twins—will carry ten votes each. This setup ensures the brothers keep control even after going public. The company has partnered with top-tier banks like Goldman Sachs, Morgan Stanley, and Citigroup to lead the offering.
Gemini’s Financial Picture
However, the financials paint a more complicated picture. In the first six months of 2025, Gemini posted a net loss of $282.5 million on $67.9 million in revenue. That’s a steep decline from the same period in 2024, when losses stood at $41.4 million. Most of Gemini’s revenue—over 65%—comes from volume-based trading, leaving the platform exposed to market fluctuations.
Market Optimism for Crypto Listings
The timing of Gemini’s IPO coincides with Donald Trump resurfacing and pushing pro-crypto policies. Competitors like Circle and Bullish have experienced significant IPOs, enhancing investor interest. Gemini is strategically positioned to leverage this trend in its NASDAQ listing.
Gemini’s upcoming IPO on NASDAQ has the potential to reshape the industry and signal the integration of cryptocurrency into mainstream finance.
