Gemini Files for Nasdaq IPO Amid Expanding Crypto Market Push

Gemini Space Station Inc. has filed for an initial public offering on the Nasdaq under the ticker symbol GEMI, according to a recent filing with the U.S. Securities and Exchange Commission [1]. The cryptocurrency exchange and custodian, co-founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, reported a net loss of $282.5 million on $67.9 million in revenue for the first half of 2025, compared to a $41.4 million loss on $73.5 million in revenue during the same period in 2024 [2]. Transaction volume-based trades accounted for 65.5% of its total revenue in the first half of this year [3].

Gemini, which manages over $18 billion in assets, offers a range of services including a crypto exchange, a U.S. dollar-backed stablecoin, crypto staking, a rewards credit card, and institutional custody and over-the-counter trading [4]. The twins, who each hold a $7.5 billion stake in the company, are the only shareholders with more than 5% ownership and serve as CEO and president, respectively [5]. The IPO will be co-led by Goldman Sachs and Citigroup, with the firm set to list on the Nasdaq Global Select Market [6].

The company has faced regulatory challenges in recent years, including a $5 million settlement with the Commodity Futures Trading Commission in January 2025 over alleged violations related to its Gemini Earn program, though it neither admitted nor denied liability [6]. Previously, in 2023, the SEC had charged Gemini over unregistered securities sales, but those charges were later dropped [2].

Gemini’s filing comes amid a broader wave of crypto firms pursuing public market listings, including stablecoin issuer Circle, which saw its stock surge 168% on its first trading day in June, and crypto exchange Bullish, which raised $1.1 billion in an IPO this week [1]. The timing aligns with the Trump administration’s pro-crypto stance, including the recent signing of stablecoin legislation, an event attended by the Winklevoss twins [7].

The IPO marks another step in Gemini’s strategy to secure public market validation and strengthen its capital structure. With growing investor confidence and regulatory clarity, the company’s move to go public reflects a broader trend of crypto firms seeking to capitalize on favorable market conditions [4].