Gemini Files for Nasdaq Listing Despite Heavy Losses

The Winklevoss twins’ crypto exchange Gemini has filed to go public on the Nasdaq stock market, following the massive success of rival exchange Bullish just days earlier.

While Bullish shares jumped 83% on their first trading day, Gemini faces a different challenge – mounting losses that have more than doubled this year.

Filing Details and Timeline

Gemini Space Station submitted its S-1 registration statement to the Securities and Exchange Commission on August 15, 2025. The company plans to trade under the ticker symbol “GEMI” on the Nasdaq Global Select Market.

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini operates a regulated crypto exchange and custody service. The company also runs the Gemini Dollar stablecoin and offers a crypto rewards credit card.

Major Wall Street banks are backing the deal. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will lead the offering. The filing does not reveal how many shares will be sold or the expected price range.

Financial Struggles Mount

The S-1 filing shows Gemini’s finances are getting worse, not better. In the first half of 2025, the company lost $282.5 million while bringing in only $67.9 million in revenue. That’s a huge jump from the same period in 2024, when losses were just $41.4 million.

For the full year 2024, Gemini posted a $158.5 million net loss against $142.2 million in revenue. The company’s cash position has also weakened dramatically. Cash reserves dropped from $341.5 million at the end of 2024 to $161.9 million by mid-2025.

These numbers stand in sharp contrast to the booming crypto market. Bitcoin has reached record highs above $117,000, and the total crypto market cap recently topped $4 trillion. Critics suggest Gemini may be losing market share to competitors despite the overall growth.

Riding the IPO Wave

Gemini’s timing appears strategic. The crypto industry has seen a wave of successful public offerings this year, driven by a more friendly regulatory environment under the Trump administration.

Stablecoin company Circle went public in June, raising over $1 billion. Circle’s stock price jumped 167% on its first trading day. More recently, crypto exchange Bullish raised $1.1 billion in its IPO and saw shares surge 83% on debut day.

Other crypto companies are also pursuing public listings. BitGo, another major player in crypto custody, has filed confidentially for a U.S. IPO. Galaxy Digital moved its listing from Toronto to Nasdaq earlier this year.

The Trump administration has taken a more supportive stance toward digital assets. In July, President Trump signed the GENIUS Act into law, creating the first major federal regulations for stablecoins and providing clearer rules for crypto companies.

Control Structure and Competition

The IPO will create a dual-class share structure. Class A shares will carry one vote each, while Class B shares get ten votes. The Winklevoss twins will keep all Class B shares, ensuring they maintain control of the company. This structure is common among tech companies going public.

If successful, Gemini would become the third publicly traded crypto exchange in the United States. Coinbase was the first major crypto exchange to go public in 2021. Bullish just joined that group this week with its NYSE debut.

Gemini serves 14.6 million verified users and holds $18 billion in customer assets. The company generates most of its revenue from transaction fees on crypto trades. It also offers staking services, institutional custody, and over-the-counter trading.

Market Conditions and Outlook

The crypto market has changed dramatically since Coinbase’s 2021 debut. Regulatory clarity has improved, and institutional adoption is growing. Major companies like BlackRock and Fidelity now offer crypto investment products.

However, Gemini faces real challenges. The company must convince investors it can return to profitability while competing against well-funded rivals. Coinbase, the largest U.S. crypto exchange, was recently added to the S&P 500 index.

The timing of Gemini’s filing suggests the Winklevoss twins believe current market conditions favor crypto IPOs. Both brothers have been vocal supporters of Trump and donated to his 2024 campaign. They likely see the current regulatory environment as favorable for their business.