Gemini Pushes Ahead With IPO Despite Heavy Losses
Crypto exchange Gemini has officially filed with the SEC to go public, aiming for a Nasdaq listing under the ticker “GEMI.” The move comes after the successful billion-dollar IPOs of Circle and Bullish — but Gemini’s financials tell a different story.
Founded in 2014 by Cameron and Tyler Winklevoss, the exchange now manages $18B in assets under custody, serving 1.5M users with over 600 employees. Yet, filings show steep losses: $160M in 2024 and another $282M already lost by mid-2025.
The Winklevoss twins are banking on a crypto-friendly regulatory climate under the Trump administration to fuel investor interest, despite the company’s ongoing losses.
Goldman Sachs and Citigroup will lead the IPO, with part of the proceeds earmarked to pay down debt.
“We discovered Bitcoin in 2012,” the brothers wrote in the filing. “Ten years later, we’re as excited to bring Gemini to the public markets as we were when we first built it.”
Whether investors will share that excitement remains to be seen.
