Gemini files for IPO, becoming the latest cryptocurrency company preparing to enter the public markets
This time, it is Gemini Space Station Inc., the crypto exchange and custodial bank headquartered in New York City and established by billionaire twins Cameron and Tyler Winklevoss.
The organization, which was established in 2014 and intends to list on the Nasdaq Global Select Market under the symbol GEMI, serves as a custodian and exchange that provides various products and services. These include a credit card that offers rewards in cryptocurrency and a U.S. dollar-backed stablecoin.
The company’s S-1 document, which was submitted on Friday after the markets had closed, offers a glimpse into its financial situation. The conclusion is that Gemini’s net losses are expanding.
In 2024, the organization disclosed a net loss of $158.5 million on revenue of $142.2 million. The net losses in the first six months 2025 have already surpassed that figure.
Gemini’s revenue for the six months ending June 30 was $67.9 million, resulting in a net loss of $282.5 million.
Gemini is the most recent crypto company to transition to the public markets, as the regulatory environment has relaxed and the Trump administration has embraced digital currencies and other crypto assets.
Circle Internet Group’s initial public offering (IPO) in June generated $1.2 billion in revenue. The company, one of the world’s largest issuers of USDC, a stablecoin pegged to the U.S. dollar, made a blockbuster début with its stock trading at 168% above its IPO price of $31 the previous day.
Circle reported a quarterly loss on Monday, despite a year-over-year increase in revenue, as a result of one-time costs associated with the June public offering.
Bullish, a crypto exchange that also operates the media outlet CoinDesk, raised $1.1 billion in its initial public offering earlier this month. The shares of Bullish, which was led by former NYSE president Tom Farley, more than doubled from their $37 IPO price to reach a zenith of $118.
