Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has filed with the U.S. Securities and Exchange Commission to list its shares on Nasdaq.
IPO Details and Share Structure
Gemini plans to list its Class A shares on Nasdaq under the ticker GEMI. This IPO will mark the first public offering of its shares. Pricing has not been disclosed, and the offering will be led by major banks including Goldman Sachs and Morgan Stanley. After the offering, Gemini will have a dual-class share structure with Class A shares providing one vote and Class B shares providing ten votes. The Winklevoss twins will retain all Class B shares, ensuring control over voting and designating the company as a 'controlled company' under Nasdaq rules.
Company Financial Losses
According to the filing, Gemini reported revenue of $142.2 million in 2024 against a net loss of $158.5 million. In 2025, losses deepened to $282.5 million on $67.9 million in revenue for the first half of the year. The company’s liquidity also tightened, with cash and cash equivalents dropping from $341.5 million at the end of 2024 to $161.9 million by mid-2025, reflecting the pressure from sustained losses.
Regulation and Future of the Crypto Market
Gemini's IPO comes amid changes in the regulatory landscape. The Trump administration is noted for adopting a more pro-crypto approach, creating renewed opportunities for American digital asset companies. Recently, companies like Circle Internet Group successfully raised $1.1 billion in their IPOs. The crypto exchange Bullish also showcased a strong public market debut, with shares surging 83.8% on the first trading day.
Despite financial challenges, Gemini continues its push in the cryptocurrency market. Its IPO is anticipated to be a significant event this year amid increasing interest in digital assets.
