Gemini, the cryptocurrency exchange created by billionaire twins Tyler and Cameron Winklevoss, has filed for an initial public offering (IPO) in the United States. The move, announced August 15, marks Gemini’s effort to become the third major crypto exchange listed on Nasdaq, following industry leaders Coin base and Bullish. Gemini intends to trade under the ticker symbol “GEMI,” with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald acting as principal bookrunners.
The public filing comes at a challenging time for Gemini’s finances. For the first half of 2025, the company reported a dramatic net loss of $282.5 million against revenue of just $68.6 million, reflecting deepening operational pressures in the crowded digital asset sector. This loss is a sharp increase compared to $41.4 million in the same period last year. Operating costs have soared especially in sales, marketing, and compensation while revenue slipped, despite a broader resurgence in crypto market activity.
To reposition itself, Gemini has shifted focus toward institutional clients, launching new services and forming partnerships to address financial hurdles and regulatory scrutiny. The company’s filing also reveals a structural shift in operations, migrating many users to a Florida-based entity, Moon base, while maintaining Gemini Trust in New York as its regulatory anchor.
Gemini’s IPO bid follows a wave of crypto firms seeking public listings in 2025, including stable coin issuer Circle and rival exchange Bullish, signaling growing investor interest in digital asset stocks amid renewed market optimism. Despite its mounting losses and $2.1 billion in debt, Gemini is betting on favorable conditions and increased demand for crypto investments to win over public shareholders.
Source: Korosec, Kirsten. “Winklevoss Twins’ Crypto Company Gemini Files for IPO.” TechCrunch.
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