The cryptocurrency exchange and custodian Gemini Space Station, founded by Cameron and Tyler Winklevoss, has submitted an application to the U.S. Securities and Exchange Commission to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.
Gemini was established in 2014, operating a regulated cryptocurrency exchange, custody services, and a range of blockchain products, including the dollar-backed Gemini Dollar (GUSD) stablecoin and crypto rewards credit cards. According to the filed documents, this will be its stock's initial public offering, and the pricing range has not yet been disclosed. The issuance is led by Goldman Sachs, Morgan Stanley, Citigroup, and others.
After the issuance, Gemini will implement a dual-class stock structure, with Class A shares carrying one vote each and Class B shares carrying ten votes each. The Winklevoss brothers will retain all Class B shares, ensuring majority control over company voting, making Gemini a 'controlled company' under Nasdaq rules.
Gemini faces widening losses
Despite the optimistic outlook, the S-1 filing shows that net losses have widened. In 2024, Gemini's revenue was $142.2 million, with a net loss of $158.5 million. In the first half of 2025, losses reached $282.5 million, while revenue was $67.9 million.
The company's liquidity is also tightening. By the end of 2024, cash and cash equivalents amounted to $341.5 million, but by mid-2025, it had dropped to $161.9 million, reflecting the pressure of losses and operational costs.
It is worth noting that Cameron and Tyler Winklevoss supported Trump's re-election campaign and backed the cryptocurrency political action committee.
The Trump era promotes optimism in the crypto market
Gemini's move comes at a time of changing regulatory environments. The Trump administration has taken a more supportive stance on cryptocurrencies, giving new attention to U.S. digital asset companies in the capital markets.
In June, the stablecoin company Circle Internet Group successfully went public, raising $1.1 billion, with its stock price rising 167% from the $31 issue price on the first day.
According to reports, the cryptocurrency exchange Bullish also performed strongly in the public market, with its stock price rising 83.8% on the first day, closing with a market value exceeding $10 billion.