The cryptocurrency exchange #Gemini applied for a listing on the Nasdaq under the ticker GEMI. The company disclosed growing losses ahead of its initial public offering.
Gemini Space Station — a cryptocurrency exchange and custodial service created by Cameron and Tyler Winklevoss — has submitted documents to the U.S. Securities and Exchange Commission (SEC) for listing Class A common shares on #NASDAQ Global Select Market.
Founded in 2014, Gemini operates a regulated cryptocurrency exchange, custodial service, and a range of blockchain products. Among them are the Gemini Dollar (GUSD), a stablecoin backed by the US dollar, and a credit card with cryptocurrency rewards.
According to the documents, this IPO will be the first case of the company's shares being publicly offered. The placement will be conducted by a syndicate of major banks, including Goldman Sachs, Morgan Stanley, Citigroup, and others.
Dual share structure
After the placement, Gemini will have a dual-class share structure: Class A shares with one vote per share and Class B shares with ten votes per share. The Winklevoss twins will retain all Class B shares, ensuring control over voting. This will qualify Gemini as a 'controlled company' under Nasdaq rules.
Growing losses of the company
Despite the optimistic presentation, the IPO application shows the company's increasing losses. In 2024, Gemini generated $142.2 million in revenue with a net loss of $158.5 million. This deficit deepened in 2025 — losses in the first half of the year reached $282.5 million against revenue of $67.9 million.
The company’s liquidity has also decreased. Cash and cash equivalents were $341.5 million at the end of 2024 but fell to $161.9 million by mid-2025. This reflects the pressure of ongoing losses and operational expenses.
Notably, Cameron and Tyler Winklevoss supported Trump's re-election and funded political action committees focused on cryptocurrencies.
Trump's administration fosters IPOs in the cryptocurrency market
Gemini's application is submitted against the backdrop of a changing regulatory climate. With the arrival of the Trump administration, which took a more cryptocurrency-friendly position, American digital asset companies are experiencing new demand in capital markets.
In June, the stablecoin issuer Circle Internet Group conducted an IPO, raising $1.1 billion. On the first day after listing, shares closed 167% above the offering price of $31.
