Gemini, founded by the Winklevoss twins, has filed for an initial public offering (IPO) on Nasdaq. This filing comes in the context of significant financial losses.
Gemini's IPO Filing
Gemini has submitted a filing to the U.S. Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "GEMI." This listing will mark the first time its shares are available for public trading, with the IPO being supported by major investment banks including Goldman Sachs, Morgan Stanley, and Citigroup.
Share Structure and Control of Winklevoss Twins
According to the SEC filing, Gemini will adopt a dual-class share structure. Class A shares will carry one vote per share, while Class B shares will carry ten votes each. The Winklevoss twins will retain 100% of the Class B shares, allowing them to maintain majority control over the company. This structure allows the company to adhere to less stringent governance standards than other publicly listed firms.
Financial Losses and Political Climate Impact
Financial disclosures indicate deepening losses, with Gemini reporting $142.2 million in revenue against a net loss of $158.5 million in 2024. In the first half of 2025 alone, the platform reported $67.9 million in revenue with a net loss of $282.5 million. The company’s cash reserves also fell from $341.5 million at the end of 2024 to $161.9 million by mid-2025. The filing also notes the current political environment's influence on the digital asset market.
Gemini enters the public markets amid rising losses and regulatory uncertainty surrounding digital assets, pointing to the need for close monitoring of the situation.
