Gemini, the Winklevoss-founded crypto exchange and custodian, has filed to list on Nasdaq under ticker GEMI, revealing steepening losses ahead of its IPO.
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Gemini Space Station, the crypto exchange and custodian founded by Cameron and Tyler Winklevoss, has filed with the US Securities and Exchange Commission to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.
Founded in 2014, Gemini operates a regulated crypto exchange, custody service, and a range of blockchain-based products, including the US dollar-backed Gemini Dollar (GUSD) stablecoin and a crypto-rewards credit card, the platform in the filing submitted on Friday.
According to its filing, the IPO will mark the first time its shares are publicly traded, with pricing expected between an undisclosed range. The offering will be led by a syndicate of major banks, including Goldman Sachs, Morgan Stanley, Citigroup and others.
Post-offering, Gemini will have a dual-class share structure, including Class A stock carrying one vote per share and Class B stock carrying ten votes. The Winklevoss twins will retain all Class B shares, ensuring majority voting control and qualifying Gemini as a “controlled company” under Nasdaq rules.
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Gemini faces expanding losses
Despite the bullish framing, the S-1 reveals widening net losses. In 2024, Gemini posted $142.2 million in revenue against a $158.5 million net loss. That deficit has already deepened in 2025, with losses in the first half of 2025 reaching $282.5 million on $67.9 million in revenue.
The company’s liquidity has also tightened. Cash and cash equivalents stood at $341.5 million at the end of 2024, but fell to $161.9 million by mid-2025, reflecting the strain of sustained losses and operational costs.
Notably, Cameron and Tyler Winklevoss and have backed crypto-focused political action committees.
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Trump era boosts crypto market optimism
Gemini’s move comes amid a shifting regulatory climate. With the Trump administration , US digital asset companies are finding renewed appetite in capital markets.
In June, stablecoin issuer Circle Internet Group staged a blockbuster IPO, and closing its its $31 issue price.
As reported, crypto exchange Bullish also made a strong public market debut, with its shares to close at $68, giving the company a market cap above $10 billion. The stock opened at $90, briefly hit $118, more than 215% above its $37 IPO price, before pulling back.
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