Gemini Files for IPO to List on Nasdaq

TLDR

Table of Contents

Gemini files for IPO to list its Class A common stock on Nasdaq under ticker GEMI.
The Winklevoss twins will retain majority control through dual-class share structure post-IPO.
The firm reports widening losses and lower revenue in the first half of 2025 amid IPO filing.
Major banks like Goldman Sachs and Morgan Stanley lead Gemini’s IPO offering syndicate.

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed with the U.S. Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.

The filing marks a significant step in the company’s plans to go public, a move that will open its shares to the broader market for the first time.

Company Overview and IPO Details

Founded in 2014, Gemini offers a regulated crypto exchange and custody service, along with blockchain-based products like the Gemini Dollar (GUSD) stablecoin. It also provides a crypto-rewards credit card. The company has now set the stage for an initial public offering (IPO), with the pricing expected to fall within an undisclosed range. The offering will be led by major banks such as Goldman Sachs, Morgan Stanley, and Citigroup.

Gemini’s IPO would see the company adopt a dual-class share structure. The Class A shares will carry one vote per share, while the Class B shares will carry ten votes per share. The Winklevoss twins will retain all Class B shares, ensuring they maintain majority voting control, which qualifies Gemini as a “controlled company” under Nasdaq’s rules.

Financial Performance and Losses in 2025

Notably, Gemini has faced financial challenges in 2025, with a reported net loss of $282.5 million on revenue of $68.6 million for the first half of the year. This compares to a net loss of $41.4 million and revenue of $74.3 million for the same period in 2024. Despite these losses, the company is moving forward with its IPO as part of a broader trend of digital asset firms seeking to tap public markets.

The filing did not disclose terms for the offering, but it comes amid a favorable regulatory shift in the U.S. towards cryptocurrency. As the Trump administration embraced a more pro-crypto stance, many digital asset companies, including Gemini, have found growing support in capital markets. Meanwhile, other crypto firms like Circle Internet Group and Bullish have also made their mark in the IPO space, signaling increasing investor interest in the sector.

Gemini’s Position in the Public Market

Gemini’s planned IPO will make it the third cryptocurrency exchange to go public in the U.S., following Coinbase and Bullish. The filing has drawn attention from analysts, with some pointing to the company’s mixed business model, combining trading and custody services, as a critical factor for investors to consider.

Analysts are particularly focused on how Gemini differentiates itself from competitors, especially Coinbase, in terms of trust and growth potential.

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