Gemini Files for Nasdaq IPO Amid Crypto Market Expansion and Regulatory Shifts

Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has filed for an initial public offering with the U.S. Securities and Exchange Commission, seeking to list on the Nasdaq Global Select Market under the ticker symbol GEMI [1]. This move follows a broader trend of crypto firms entering traditional stock markets, with the Trump administration's regulatory support playing a catalytic role [2]. The IPO is being managed by Goldman Sachs and Citigroup, two of the leading investment banks in the U.S. [3].

According to the filing, Gemini reported $67.9 million in revenue for the first half of 2025, a decline from $73.5 million during the same period in 2024. However, the company’s net loss expanded significantly, reaching $282.5 million compared to $41.4 million a year earlier [4]. The exchange, which holds over $18 billion in customer assets, generates most of its income from trading fees—approximately 65.5%—while also offering services such as crypto staking, stablecoins, and a crypto-reward credit card [5].

Gemini serves both retail and institutional clients, offering custody solutions and over-the-counter trading options. The firm reported 14.6 million verified users and $12 billion in assets under custody as of June 30, 2025 [6]. Proceeds from the IPO will be used to repay third-party debt, indicating a focus on financial restructuring and long-term stability [7].

The Winklevoss twins, each estimated to be worth around $7.5 billion according to Bloomberg’s Billionaires Index, maintain significant stakes in Gemini. Tyler Winklevoss is the CEO, while Cameron serves as president [8]. The IPO represents a major milestone not only for the Winklevosses but also for the broader crypto industry, signaling increased institutional confidence and regulatory acceptance.

The timing of the filing aligns with recent high-profile crypto IPOs. In June, stablecoin company Circle Internet Financial raised $1.2 billion, with its shares surging 168% on the first day of trading. Earlier this week, another crypto exchange, Bullish, also saw a strong market reaction with an 84% rise in share price after raising $1.1 billion [9].

Despite its ambitions, Gemini has faced regulatory scrutiny in the past. In 2023, the SEC alleged the company sold unregistered securities through its Gemini Earn lending program, though the charges were dropped earlier this year [10]. In January 2025, Gemini agreed to pay $5 million to settle a lawsuit from the Commodity Futures Trading Commission over misleading regulators during its attempt to launch the first U.S.-regulated Bitcoin futures contract [11].

The IPO filing comes at a pivotal time for the crypto industry, as more companies seek to bridge the gap between digital assets and traditional finance. With its emphasis on compliance, security, and institutional partnerships, Gemini aims to solidify its position as a key player in the evolving market.

Source:

[1] Gemini makes IPO filing public, plans Nasdaq listing under GEMI (https://cryptobriefing.com/gemini-us-ipo-filing-public/)

[2] Winklevoss' Gemini Files for IPO as Crypto Listings Accelerate (https://www.bloomberg.com/news/articles/2025-08-15/winklevoss-gemini-files-for-ipo-as-crypto-listings-accelerate)

[3] Winklevoss twins' Gemini reveals lower revenue and wider loss (https://www.reuters.com/business/finance/winklevoss-twins-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/)

[5] Gemini IPO filing: exchange targets Nasdaq as GEMI (https://www.theblock.co/post/367160/gemini-ipo-filing-exchange-targets-nasdaq-as-gemi-reveals-dip-in-revenue)

[6] Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom (https://decrypt.co/335554/gemini-plans-go-public-nasdaq-crypto-ipos-boom)

[7] Crypto exchange Gemini reveals lower revenue and wider ... (https://finance.yahoo.com/news/crypto-exchange-gemini-makes-us-211653335.html)

[10] Legal Issue with U.S Regulators (from provided news content)

[11] Legal Issue with U.S Regulators (from provided news content)