Gemini Space Station Inc. has filed for an initial public offering (IPO) in the U.S. and plans to list its shares on the Nasdaq under the ticker GEMI.
Gemini's Financial Performance in 2023
According to its latest filing, Gemini reported a revenue of $67.9 million in the first six months of 2023 but incurred a loss of $282.5 million. In the same period of 2022, revenue was $73.5 million with losses amounting to $41.4 million. Gemini holds over $18 billion worth of customer assets, and most of its income, about 65.5%, comes from charging fees for cryptocurrency trading.
The Winklevoss Twins' Role in the Company
Gemini was founded by twins Cameron and Tyler Winklevoss, who serve as president and CEO, respectively, each owning at least 5% of the company's shares. According to Bloomberg’s Billionaires Index, each brother is worth approximately $7.5 billion. The IPO operation is being managed by investment banks Goldman Sachs and Citigroup.
Legal Issues and Past Legal Matters
Gemini has faced several legal issues in the past. In 2023, the U.S. Securities and Exchange Commission accused the firm of selling unregistered securities through its Gemini Earn lending program, but those charges were dropped earlier this year. In January, Gemini agreed to pay $5 million to settle a Commodity Futures Trading Commission lawsuit that claimed the company misled regulators while attempting to launch the first U.S.-regulated Bitcoin futures contract. Gemini did not admit or deny the allegations.
Thus, as preparations for the IPO begin, and despite previous legal troubles, Gemini, under the guidance of the Winklevoss twins, continues to occupy a significant place in the cryptocurrency ecosystem.
