Winklevoss Twins’ Gemini Seeks Nasdaq Listing Under Ticker GEMI Despite Mounting Losses
Another major crypto player is heading for Wall Street. Gemini Space Station Inc., the New York-based crypto exchange and custodian bank founded by billionaire twins Cameron and Tyler Winklevoss, has filed to go public on the Nasdaq Global Select Market under the ticker symbol GEMI.
Gemini Business and Products
Founded in 2014, Gemini has built a reputation as one of the earliest regulated U.S. crypto exchanges.
The company offers a suite of services including digital asset trading, custody, a U.S. dollar-backed stablecoin, and a crypto rewards credit card.
Its positioning as both an exchange and custodian has allowed it to compete with Coinbase and other major platforms, while catering to both retail and institutional users.
Financial Picture
Gemini’s filing, published late Friday after markets closed, gives investors the first clear look at the company’s financials—and they paint a challenging picture.
In 2024, Gemini posted a net loss of $158.5 million on $142.2 million in revenue. The losses have only accelerated in 2025: in the first half of the year alone, Gemini reported a net loss of $282.5 million on $67.9 million in revenue, already surpassing last year’s full-year loss.
The numbers highlight the uphill battle facing exchanges in a highly competitive market, even as U.S. regulations surrounding crypto have eased under the Trump administration.
Part of a Larger Trend
Gemini’s IPO marks the third high-profile crypto listing in just a few months, underscoring a wave of digital asset firms seeking public capital.
- Circle Internet Group, the issuer of the USDC stablecoin, debuted in June, raising $1.2 billion. Its stock soared 168% above its IPO price of $31 on its first day of trading, although Circle has since reported a quarterly loss due to one-time costs linked to the offering.
- Earlier this week, Bullish, a crypto exchange led by former NYSE president Tom Farley and the parent company of CoinDesk, raised $1.1 billion. Its shares more than doubled from the $37 IPO price to a peak of $118.
Bullish stock price (Source: Google Finance)
The string of offerings suggests crypto firms are racing to capture investor appetite while regulatory clarity improves and institutional interest grows.
Looking Ahead
For Gemini, the challenge will be convincing public investors that it can pivot from heavy losses to profitability while navigating a still-volatile sector. The Winklevoss twins, long-time crypto evangelists, are betting that the company’s brand recognition, diversified products, and the improving regulatory landscape will be enough to win over the market.
