Gemini, the crypto exchange founded by billionaire twins Cameron and Tyler Winklevoss, has officially filed for an initial public offering (IPO), joining a growing wave of digital asset firms heading to the public markets.
According to a filing with the U.S. Securities and Exchange Commission on Friday, New York-based Gemini Space Station Inc. reported a net loss of $282.5 million on $67.9 million in revenue for the first half of 2025. That’s a wider loss compared to the same period last year, when it posted a $41.4 million loss on $73.5 million in revenue. The bulk of this year’s income—roughly 65.5%—came from transaction fees on volume-based trading.
The primary source for Gemini’s IPO filing is the SEC’s EDGAR database, where the Form S-1 registration statement was publicly filed on August 15, 2025.
Founded in 2014, Gemini currently manages over $18 billion in assets. Its platform offers a suite of services, including crypto trading, a U.S. dollar-backed stablecoin, staking rewards, and a crypto-rewards credit card. It also serves institutional clients with crypto custody solutions and over-the-counter (OTC) trading.
The IPO is being underwritten by financial heavyweights Goldman Sachs and Citigroup, with Gemini aiming to list on the Nasdaq Global Select Market under the ticker “GEMI.”
Gemini’s filing comes on the heels of other high-profile crypto listings. Circle, a stablecoin issuer, went public in June with a $1.2 billion IPO that soared 168% on its first trading day. Earlier this week, crypto exchange Bullish saw its shares jump 84% following a $1.1 billion raise.
The public market momentum coincides with a more crypto-friendly stance from the Trump administration. The Winklevoss twins attended President Trump’s signing of stablecoin legislation in July and have invested in crypto ventures linked to his family.
While Gemini faced regulatory hurdles in the past—settling with the Commodity Futures Trading Commission earlier this year for $5 million—it appears to be moving forward with fresh momentum. The SEC also dropped earlier charges related to its now-defunct Gemini Earn lending program.
As the crypto industry pushes for greater legitimacy and broader investor access, Gemini’s IPO marks another major step in the evolution of digital finance.
