The cryptocurrency exchange Gemini, led by founders Cameron and Tyler Winklevoss, has submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission.
Share Structure and Control
Gemini’s IPO filing reveals a dual-class share structure. Class A shares provide one vote per share, while Class B shares, exclusively held by the founders and their affiliates, offer ten votes per share. This system allows the founders to maintain majority control over the company, categorizing it as a 'controlled company' under Nasdaq regulations.
Economic Indicators and Growth
The IPO documentation highlights that assets under management have reached $18 billion, with overall transfer operations exceeding $800 billion and transaction volumes surpassing $285 billion. Gemini emphasizes that these figures indicate the growth potential of the cryptocurrency market and opportunities arising from wider sector adoption and new applications.
Financial Status and Challenges
Financial reports from Gemini shed light on significant challenges the company faces. In 2024, it generated $142.2 million in revenue but recorded a net loss of $158.5 million. In the first half of 2025, revenue dropped to $67.9 million, while the net loss increased to $282.5 million. Experts suggest that this financial situation underscores Gemini's scaling difficulties and potential need for raising additional capital via the IPO.
Gemini's IPO application opens new prospects for the company amid current financial challenges and growing indicators in the cryptocurrency sector.
