Gemini, the crypto exchange built by Cameron and Tyler Winklevoss, has taken a major step toward going public.
The company filed paperwork with the U.S. Securities and Exchange Commission to list its Class A shares on the Nasdaq under the ticker GEMI, marking its first IPO since launching in 2014.
The offering will be managed by heavyweight banks including Goldman Sachs, Morgan Stanley, and Citigroup. A dual-class share structure ensures the twins retain control, with their Class B stock carrying ten times the voting power of ordinary shares.
Despite its high-profile backing and suite of products — ranging from the Gemini Dollar (GUSD) stablecoin to a crypto credit card — the company’s S-1 filing underscores deep financial challenges. Gemini reported $142 million in revenue for 2024 but posted a $158 million loss.
Losses widened dramatically in 2025, with $282 million lost on just $68 million in revenue during the first half of the year. Its cash reserves have nearly halved since the end of last year, falling to $162 million.
The IPO bid comes amid renewed enthusiasm for crypto firms tapping public markets under the Trump administration’s more favorable stance toward digital assets. The Winklevoss twins were among those backing Trump’s reelection campaign and crypto-focused political committees, signaling alignment with the shifting regulatory tone.
Other firms have already capitalized on the upbeat environment. Circle raised $1.1 billion in its blockbuster IPO earlier this summer, while Bullish exchange saw its shares soar more than 80% on opening day, briefly hitting a valuation above $10 billion. Gemini is now aiming to ride the same wave of investor appetite.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/gemini-files-for-nasdaq-listing-as-winklevoss-twins-push-exchange-toward-wall-street-debut/