Gemini files for Nasdaq IPO under ticker GEMI

Gemini Space Station Inc., led by billionaire twins Tyler and Cameron Winklevoss, reported declining revenue and widening losses in the first half of 2025. According to its U.S. IPO filing, it is joining a growing wave of crypto firms aiming for public markets.

The New York-based crypto exchange and custodian posted a net loss of $282.5 million on $67.9 million in revenue for the six months ending June 30, compared with a $41.4 million loss on $73.5 million in revenue in the same period last year, according to its filing with the U.S. Securities and Exchange Commission on Friday.

Gemini twins ride crypto wave with $18B in assets and Nasdaq IPO plans

Founded in 2014, Gemini manages over $18 billion in assets. In the first half of 2025, transaction revenue from volume-based trades accounted for 65.5% of its total revenue.

The wave of crypto IPOs coincides with the Trump administration’s embrace of the sector, including recently signed crypto legislation. Stablecoin issuer Circle went public in June with a $1.2 billion IPO, surging 168% on its first trading day, while crypto exchange Bullish jumped 84% after raising $1.1 billion earlier this week.

Gemini offers a crypto exchange, a U.S. dollar-backed stablecoin, crypto staking, a crypto rewards credit card, and institutional services such as custody and over-the-counter trading. Cameron Winklevoss serves as president, and Tyler Winklevoss is CEO. The filing shows that each twin has a net worth of $7.5 billion, and they are the only shareholders with stakes of 5% or more.

Previously, Gemini faced SEC charges in 2023 over unregistered securities sales through its Gemini Earn program, which were later dropped. The company also paid $5 million to resolve a Commodity Futures Trading Commission lawsuit in January, without admitting or denying liability.

The Winklevoss twins, who gained fame from a dispute with Facebook’s Mark Zuckerberg, attended President Trump’s signing of the stablecoin legislation in July. Bloomberg News reported they have invested in American Bitcoin Corp., a Bitcoin mining venture linked to Trump’s sons.

Goldman Sachs and Citigroup are leading the IPO, which will debut on the Nasdaq Global Select Market under the ticker GEMI.

Bullish expands IPO as crypto firms ride a wave of public market listings

The Gemini news comes as Peter Thiel-backed cryptocurrency exchange Bullish raised the size of its initial public offering. Bullish aims to raise $990 million, offering 30 million shares priced between $32 and $33 apiece, and targeting a valuation of $4.8 billion, according to a Monday filing with the Securities and Exchange Commission.

The Gemini announcement comes as Peter Thiel-backed crypto exchange Bullish expands its initial public offering.  According to a Monday filing with the Securities and Exchange Commission, Bullish plans to raise $990 million, offering 30 million shares priced between $32 and $33 apiece, and targeting a valuation of $4.8 billion.

Led by former New York Stock Exchange president Tom Farley, the company had earlier proposed 20.3 million shares at $28 to $31 each, targeting a $4.2 billion valuation, according to a filing last week.

Bullish has given its underwriters—JPMorgan, Jefferies, and Citigroup—a 30-day option to sell an additional 4.5 million shares. The company’s stock will debut on the New York Stock Exchange under the ticker “BLSH.”

According to the updated filing, BlackRock and Cathie Wood’s ARK Investment Management have indicated interest in purchasing up to $200 million of the shares.

Bullish is among the most recent crypto firms to join the public market, reflecting reinvigorated capital markets driven by investor confidence and increasing regulatory support and clarity from Washington. 

Stablecoin issuer Circle made a strong market debut in June, while Mike Novogratz’s Galaxy Digital uplisted to Nasdaq in May. Around the same time, stock and crypto trading platform eToro launched public trading.

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