Winklevoss Twins’ Crypto Company Gemini Files for IPO
By Kirsten Korosec, TechCrunch
Published: August 15, 2025
In a significant development for the cryptocurrency industry, Gemini Space Station Inc., the New York-based crypto exchange and custodian bank founded by billionaire twins Cameron and Tyler Winklevoss, has officially filed paperwork to go public. The company plans to list on the Nasdaq Global Select Market under the ticker symbol GEMI.
Gemini: A Crypto Exchange and Custodian Bank
Founded in 2014, Gemini has grown to become a key player in the crypto ecosystem, offering a range of products and services to its customers. In addition to facilitating cryptocurrency trading, Gemini operates as a custodian bank and provides innovative financial products such as a U.S. dollar-backed stablecoin and a credit card that rewards users in cryptocurrency.
Financials Show Growing Losses Amid Revenue
Gemini’s S-1 filing, submitted to regulators late Friday, offers an in-depth view of the company’s financial status. For the full year of 2024, Gemini reported revenues of $142.2 million but also posted a net loss of $158.5 million. The first half of 2025 painted a more challenging picture; during this period, Gemini’s net losses escalated sharply to $282.5 million, despite generating $67.9 million in revenue.
The widening net losses signal the company’s aggressive investments in growth and product development, as well as the inherent volatility and regulatory complexities surrounding the crypto market.
Regulatory Climate Improves for Crypto Firms
Gemini’s decision to pursue a public listing comes during a time of improved regulatory clarity and acceptance of digital assets in the United States. The current administration has taken a more favorable stance towards cryptocurrencies compared to previous years, easing some of the uncertainty that had affected crypto firms.
Following Peers to the Public Markets
Gemini is joining a growing list of crypto companies that have recently entered the public markets. In June, Circle Internet Group raised $1.2 billion through its IPO, with shares soaring 168% above the initial $31 offering price during its debut trading day. Circle is a major issuer of USDC, a popular U.S. dollar-backed stablecoin. Although the company reported a quarterly loss partly due to IPO-related costs, its market debut was widely considered a success.
Similarly, crypto exchange Bullish, which also owns media outlet CoinDesk and is led by former NYSE President Tom Farley, raised $1.1 billion in its IPO earlier this month. Bullish saw its stock price more than double from its initial $37 IPO price to a peak of $118. ### What Lies Ahead for Gemini
As Gemini prepares to step into the public arena, all eyes will be on how the company balances expansion with profitability. Its IPO will test investor appetite for crypto exchanges amid a backdrop of evolving regulation and market dynamics.
The coming months will be critical for the Winklevoss twins’ company as it seeks to cement its position as a leading cryptocurrency player while navigating the challenges inherent in the rapidly changing digital asset landscape.
About the Author:
Kirsten Korosec is Transportation Editor at TechCrunch, covering the future of transportation and technology for over a decade. She also co-hosts the TechCrunch Equity podcast and the “The Autonocast” podcast. She has contributed to publications including Fortune, The Verge, Bloomberg, and MIT Technology Review.
Contact Kirsten at [email protected] or via Signal at kkorosec.07. —
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