5 days ago
Gemini, the Winklevoss-founded crypto speech and custodian, has filed to database connected Nasdaq nether ticker GEMI, revealing steepening losses up of its IPO.
Gemini Space Station, the crypto speech and custodian founded by Cameron and Tyler Winklevoss, has filed with the US Securities and Exchange Commission to database its Class A communal banal connected the Nasdaq Global Select Market nether the ticker GEMI.
Founded successful 2014, Gemini operates a regulated crypto exchange, custody service, and a scope of blockchain-based products, including the US dollar-backed Gemini Dollar (GUSD) stablecoin and a crypto-rewards recognition card, the level said successful the filing submitted connected Friday.
According to its filing, the IPO volition people the archetypal clip its shares are publically traded, with pricing expected betwixt an undisclosed range. The offering volition beryllium led by a syndicate of large banks, including Goldman Sachs, Morgan Stanley, Citigroup and others.
Post-offering, Gemini volition person a dual-class stock structure, including Class A banal carrying 1 ballot per stock and Class B banal carrying 10 votes. The Winklevoss twins volition clasp each Class B shares, ensuring bulk voting power and qualifying Gemini arsenic a “controlled company” nether Nasdaq rules.
Gemini astatine a glance. Source: SEC filingRelated: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns
Gemini faces expanding losses
Despite the bullish framing, the S-1 reveals widening nett losses. In 2024, Gemini posted $142.2 cardinal successful gross against a $158.5 cardinal nett loss. That shortage has already deepened successful 2025, with losses successful the archetypal fractional of 2025 reaching $282.5 cardinal connected $67.9 cardinal successful revenue.
The company’s liquidity has besides tightened. Cash and currency equivalents stood astatine $341.5 cardinal astatine the extremity of 2024, but fell to $161.9 cardinal by mid-2025, reflecting the strain of sustained losses and operational costs.
Notably, Cameron and Tyler Winklevoss supported Trump’s reelection bid and person backed crypto-focused governmental enactment committees.
Related: Blockchain-focused Figure Technology joins crypto IPO question with SEC filing
Trump epoch boosts crypto marketplace optimism
Gemini’s determination comes amid a shifting regulatory climate. With the Trump medication adopting a much pro-crypto stance, US integer plus companies are uncovering renewed appetite successful superior markets.
In June, stablecoin issuer Circle Internet Group staged a blockbuster IPO, raising $1.1 billion and closing its first time 167% above its $31 contented price.
As reported, crypto speech Bullish besides made a beardown nationalist marketplace debut, with its shares surging 83.8% connected the archetypal day to adjacent astatine $68, giving the institution a marketplace headdress supra $10 billion. The banal opened astatine $90, concisely deed $118, much than 215% supra its $37 IPO price, earlier pulling back.
Magazine: Everybody hates GPT-5, AI shows societal media can’t beryllium fixed
English (US) 