Gemini Files for Nasdaq IPO as Winklevoss Twins Retain Control Amid Crypto Market Shifts

Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has taken a major step toward a public listing by filing with the U.S. Securities and Exchange Commission for a Nasdaq IPO under the ticker symbol GEMI [1]. This marks the first time since its 2014 launch that the exchange has pursued a public market debut. The offering is being underwritten by top-tier investment banks including Goldman Sachs, Morgan Stanley, and Citigroup [1], emphasizing the significance of the move.

The Winklevoss twins have retained control through a dual-class share structure, with their Class B shares carrying ten times the voting power of Class A shares [1]. This structure is designed to preserve their influence in the company’s governance as it transitions to public ownership. Despite the strategic advantages, Gemini’s financial performance has shown significant challenges. In 2024, the exchange reported $142 million in revenue but posted a $158 million loss [2]. This trend worsened in the first half of 2025, with revenue falling to $68 million and a loss widening to $282 million [2], nearly halving its cash reserves since the end of 2024.

The IPO filing comes amid a more favorable regulatory environment for crypto firms under the Trump administration [2]. The Winklevoss twins have actively supported Trump’s reelection campaign and crypto-focused political initiatives, aligning the company with shifting policy priorities [2]. This political alignment may provide a strategic edge as Gemini moves through the public listing process.

The broader crypto industry has seen successful public market entries in recent months, including Circle’s $1.1 billion IPO and the Bullish exchange’s strong stock market debut [1]. Gemini aims to leverage this momentum, positioning itself as the next major crypto firm to make the leap to Wall Street. However, the company will need to demonstrate a sustainable path to profitability and operational efficiency to convince public investors, particularly given the recent sharp losses.

Gemini’s IPO is still in the early stages, with its SEC filing occurring in mid-August 2025 [3]. The company will need to prepare extensive disclosures and navigate regulatory scrutiny to meet Nasdaq’s listing requirements. The IPO could set a precedent for other crypto exchanges considering public listings, providing a model for how to balance governance, transparency, and financial viability.

The listing may also contribute to increased legitimacy in the crypto sector, offering institutional investors greater visibility into Gemini’s operations and risk profile. However, the company’s recent financial performance highlights the ongoing volatility and uncertainty in the market, suggesting that a clear and compelling business case will be essential for investor confidence.

Source:

[1] Winklevoss twins' Gemini files for IPO

(https://www.mitrade.com/au/insights/news/live-news/article-3-1044984-20250816)

[2] Gemini Files for Nasdaq Listing as Winklevoss Twins Push Exchange Toward Wall Street Debut

(https://coindoo.com/gemini-files-for-nasdaq-listing-as-winklevoss-twins-push-exchange-toward-wall-street-debut/)

[3] Gemini Space Station is a cryptocurrency exchange and coin custodian. The startup filed for an IPO Friday, August 15th, 2025.

(https://accessipos.com/upcoming-ipos/)