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- Gemini files for Nasdaq IPO under ticker GEMI, led by top Wall Street banks.
- Company faces steep losses, with cash reserves halved in 2025.
- Pro-crypto climate under Trump boosts IPO momentum for digital asset firms.
Gemini, the crypto exchange and custodian founded by Cameron and Tyler Winklevoss, has filed with the US Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI. The move marks a significant milestone for the company, opening the door to public trading for the first time since its 2014 launch.
Gemini’s Business Model and IPO Structure
The exchange operates a regulated crypto trading platform, custody service, and blockchain-based products including the Gemini Dollar (GUSD) stablecoin and a crypto rewards credit card. According to the SEC filing, the IPO will be led by major banks including Goldman Sachs, Morgan Stanley, and Citigroup.
Post-offering, Gemini will adopt a dual-class share structure. While Class A shares will carry one vote per share, Class B shares—retained by the Winklevoss twins—will hold ten votes each. This ensures the founders maintain majority control, qualifying Gemini as a “controlled company” under Nasdaq rules.
Financial Pressures Mount
Despite its high-profile debut, Gemini’s financials paint a challenging picture. The company generated $142.2 million in revenue in 2024 but recorded a net loss of $158.5 million. Losses have accelerated in 2025, with the first half already posting a $282.5 million net loss on $67.9 million in revenue. Liquidity pressures are evident, with cash reserves shrinking from $341.5 million at year-end 2024 to $161.9 million by mid-2025.
Also Read: JPMorgan Blocks Gemini After Winklevoss Criticism
Political and Market Tailwinds
Gemini’s filing comes amid a more favorable regulatory climate. The Trump administration’s pro-crypto policies have reinvigorated US capital markets, fueling investor demand for digital asset companies. Earlier this year, Circle’s IPO raised $1.1 billion, while Bullish surged over 80% on debut, underscoring the strong momentum for crypto-related listings.
While Gemini’s public listing highlights growing institutional recognition of crypto firms, its widening losses raise questions about long-term profitability. Investor confidence may hinge on whether Gemini can balance growth ambitions with financial stability in a competitive exchange market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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