Winklevoss Twins Take Gemini Public as Losses Mount

Key Insights:

• Gemini posts $282.5 million loss in 2025, with revenues dropping significantly since 2024.
• Winklevoss twins retain full voting control through dual-share structure in Gemini IPO filing.
• Trump-era regulatory shift fuels crypto IPO wave, boosting Gemini’s public market entry timing.

Gemini, the crypto exchange and custodian founded by Cameron and Tyler Winklevoss, has submitted a filing to the U.S. Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market. The company plans to trade under the ticker symbol “GEMI.”

Established in 2014, Gemini offers services including a regulated crypto exchange, a custody platform, and blockchain-based financial products such as the Gemini Dollar (GUSD) and a crypto rewards credit card. 

Meanwhile, this listing marks the first time its shares will be available for public trading. The IPO will be led by several investment banks, including Goldman Sachs, Morgan Stanley, and Citigroup.

Dual-Class Share Structure Gives Winklevoss Twins Control

According to the SEC filing, Gemini will adopt a dual-class share structure. The Class A shares will carry one vote per share, while Class B shares will carry ten votes each. The Winklevoss twins will retain 100% of the Class B shares, allowing them to maintain majority control over the company.

This structure qualifies Gemini as a “controlled company” under Nasdaq rules. This designation allows the company to follow different governance standards than other publicly listed firms. The filing does not include the expected IPO price range or the date of the offering.

Widening Losses Ahead of IPO

Gemini’s financial disclosure shows deepening losses over the past two years. In 2024, the company reported $142.2 million in revenue against a net loss of $158.5 million. In the first half of 2025 alone, the platform recorded $67.9 million in revenue with a net loss of $282.5 million.

Cash reserves have also declined. The company’s cash and equivalents dropped from $341.5 million at the end of 2024 to $161.9 million by mid-2025. This reflects ongoing operational expenses and reduced liquidity.

Crypto IPO Activity Gains Momentum Under Trump Administration

Gemini’s filing follows several high-profile IPOs in the digital assets space, including Bullish and Circle. Bullish saw an 83.8% surge on its first trading day, and Circle raised $1.1 billion in its IPO.

The move also comes during President Donald Trump’s second term, under which digital asset firms are experiencing increased market support. “The political environment may have shifted,” the filing noted, though it added that “regulatory uncertainty remains.”