Gemini Files for US IPO, Reports $282.5M Net Loss

GEM's latest price was $0.00003323, down 1.093% in the last 24 hours. Gemini Space Station Inc., has reportedly filed for an initial public offering in the United States. The company plans to list on the Nasdaq Global Select Market under the ticker symbol GEMI, according to a filing with the U.S. Securities and Exchange Commission. The New York City-based company, owned by billionaire twins Cameron and Tyler Winklevoss, is both a cryptocurrency exchange and a custodian. It offers a platform where users can trade and store their digital assets. The company holds more than $18 billion worth of customer assets. Most of its income, about 65.5%, comes from charging fees when people trade cryptocurrencies. Gemini also has other products, such as a U.S. dollar-backed stablecoin, services for earning interest through crypto staking, and a credit card that gives rewards in cryptocurrency. The company also caters to institutions with crypto custody and over-the-counter trading. Cameron Winklevoss serves as president and Tyler Winklevoss as chief executive officer. Both own at least 5% of the company’s shares. The IPO is being managed by two large investment banks. The decision to go public comes as more crypto companies are selling shares on the stock market. This trend has grown after the Trump administration supported new cryptocurrency laws. In June, the stablecoin company Circle Internet Group Inc. went public in a $1.2 billion IPO, and its shares jumped 168% on the first day. Earlier this week, another crypto exchange called Bullish saw its shares rise 84% after raising $1.1 billion. Meanwhile, this firm has also faced its own share of legal issues in the past. In 2023, the U.S. Securities and Exchange Commission accused the company of selling unregistered securities through its Gemini Earn lending program, but those charges were dropped earlier this year. In January, Gemini agreed to pay $5 million to settle a Commodity Futures Trading Commission lawsuit that claimed the company misled regulators while trying to launch the first U.S.-regulated Bitcoin futures contract. Gemini did not admit or deny the allegations. Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, has made public its filing for a US initial public offering, joining a wave of digital asset companies seeking to go public. The IPO was already anticipated, but the newly released filing confirms key financial and operational details, including plans to list on Nasdaq under the ticker GEMI. The exchange did not disclose the size or price range of the offering. The filing shows Gemini reported a net loss of $282.5 million on total revenue of $68.6 million for the six months ended June 30, 2025, compared with a net loss of $41.4 million on revenue of $74.3 million in the same period a year earlier. The exchange said it had 14.6 million verified users and $12 billion in assets under custody as of June 30. Trading fees remain its largest revenue driver, supplemented by its Earn program and staking services. Winklevoss twins-backed exchange Gemini launched a wallet product, presumably to better compete with rivals like Coinbase and Kraken in the consumer market. The Gemini Wallet is a self-custody solution that also ties into a web-based dashboard, dubbed “Onchain,” which essentially offers a bigger screen to examine your crypto portfolio and make trades. As of right now, this experience is on the web — there’s no standalone Gemini Wallet mobile app. It’s not a Chrome browser extension either, though that could change at some point. Instead, some browser pop-ups will help you navigate the wallet sign-up and settings. The onboarding process is a little different from what we’ve seen before. There are no Gmail single-sign on flows, no passwords and no visible seed phrases. It doesn’t ask for any personal information, unlike onboarding with Gemini via an exchange account, which involves KYC. Instead, it takes about two seconds to generate a wallet via your device’s passkey tech. After you pick a .gemini.eth username, you’re ready to roll. Essentially, the username is a free ENS name attached to your Gemini Wallet, which is a nice perk. After running through the setup flow myself, I was impressed and surprised by how speedy and smooth the onboarding process was. It was easier than MetaMask, Coinbase, Phantom, and Ronin Wallet, all of which I’ve used before. So far, the main embedded feature on Gemini Onchain, besides making basic crypto trades, is access to Gemini’s “vaults.” Traders can choose from the “Prime” vault (lower-risk) or the “Core” vault (higher-risk). A pop-out explanation of the vaults describes them as a way to “invest and receive returns on your holdings by matching you directly with borrowers at better rates than traditional lending protocols.” Gemini is covering gas fees for “key actions,” though it’s unclear for how long that gas sponsorship might last. The wallet currently supports Ethereum’s mainnet, plus ecosystem extensions Optimism, Polygon, Base, and Arbitrum. The Gemini Onchain experience feels like a soft landing spot for total newbs to DeFi. Maybe it’s for people who come from a non-technical field, or the crypto-curious who have never touched it before. The wallet is not intimidating, but it’ll feel too simple for some traders. One thing about the “Onchain” hub is that it’s not much of a hub as it stands right now, besides being a way to manage your own wallet via buys, sells and swaps, plus access to those vaults and some educational resources. The buttons to other trading tools like Uniswap link out to the external site without keeping you logged into your Gemini Wallet over there. Maybe the team will add onto and build out this hub over time so it can feel more like a crypto destination. I’m glad the Gemini Wallet exists — it’s one of the nicest onboarding processes I’ve encountered. But because it could still use more functionality, I probably wouldn’t switch from my other existing wallets if given the choice. Gemini has launched a self-custody wallet and an onchain trading platform as it prepares for a potential public market debut. The move follows its secretive initial public offering filing in June and comes as centralized exchange volumes are down. The Gemini Wallet will launch passkey-based onboarding, eliminating the use of conventional recovery phrases. It can be used as a portable wallet on various platforms and embedded in decentralized applications. Gemini claims that passkeys enhance security and convenience over passwords because cryptographic keys are stored on a device instead of a password. This allows access through fingerprints, facial recognition, or device PIN entry, so complex credentials do not have to be memorized. The company has also rolled out the Gemini Onchain Dashboard, a web interface for token trading and decentralized app access. It allows users to put money in yield-generating vaults where regulation allows and gives them more opportunities to grow crypto assets. WalletConnect integration supports connections to major platforms, while cross-chain swaps are enabled through Bungee. The yield opportunities will be provided through the Morpho-curated Gauntlet vaults on Arbitrum, and Blockaid will protect against fraud and scams. To attract new users, Gemini is covering initial gas fees and offering free Ethereum Name Service subdomain names. It is collaborating with networks like Arbitrum, Polygon, Optimism, and Base to expand its scope and capabilities. Gemini will connect the wallet to the exchange accounts later in the year. This would enable seamless custody and trading across centralized and decentralized platforms. More recently, over the past several months, Gemini has also launched its tokenized stock marketplace to EU clients, allowing equity investments onchain. Also, the Winklevoss brothers took a stake in the American Bitcoin Corp., a mining company that was linked to the sons of Donald Trump, the U.S. President, Eric and Donald Jr. The wallet and onchain hub mark a strategic step for Gemini as it positions itself for a public listing. These developments highlight its focus on bridging centralized and decentralized finance for a broader user base.