Winklevoss Twins’ Crypto Company Gemini Files for IPO

A newcomer in the cryptocurrency sector is preparing for an initial public offering (IPO). This time, it’s Gemini Space Station Inc., the New York-based cryptocurrency exchange and custodian bank founded by billionaire twins Cameron and Tyler Winklevoss.

Established in 2014, the company intends to list on the Nasdaq Global Select Market under the ticker symbol GEMI. It functions as both an exchange and a custodian, providing a range of products and services, including a stablecoin tied to the U.S. dollar and a credit card that offers cryptocurrency rewards.

The firm’s S-1 filing, submitted on Friday after market hours, reveals its financial status. The key point: Gemini seems to be encountering escalating net losses. The company reported a net loss of $158.5 million against $142.2 million in revenue for 2024. Furthermore, losses in the first half of 2025 have already exceeded that number, with Gemini disclosing a loss of $282.5 million on revenues of $67.9 million for the six months ending June 30.

Gemini joins other cryptocurrency companies aiming to enter public markets as regulatory conditions improve and the Trump administration has expressed support for digital currencies and various crypto assets.

In June, Circle Internet Group successfully secured $1.2 billion through its IPO. As one of the top issuers of USDC, a stablecoin tied to the U.S. dollar, Circle had an impressive debut, with its stock soaring 168% above its IPO price of $31 from the previous day.

However, on Monday, despite reporting higher year-over-year revenue, Circle announced a quarterly loss due to one-time expenses connected to its June public offering.

Earlier this month, the crypto exchange Bullish—also the parent company of media platform CoinDesk—raised $1.1 billion in its IPO. Headed by former NYSE president Tom Farley, Bullish saw its shares more than double from the $37 IPO price, peaking at $118.