▼ Summary
– Gemini Space Station Inc., a crypto exchange founded by the Winklevoss twins, is preparing to go public on the Nasdaq under the symbol GEMI.
– The company, established in 2014, offers services like a USD-backed stablecoin and a crypto rewards credit card.
– Gemini’s financials show widening net losses, with $158.5M lost in 2024 and $282.5M in the first half of 2025 despite lower revenue.
– The easing regulatory environment and Trump administration’s support for crypto have encouraged companies like Gemini to pursue public listings.
– Other crypto firms, such as Circle Internet Group and Bullish, have recently raised billions in IPOs but reported losses due to one-time costs.
The cryptocurrency industry continues its march toward mainstream financial markets, with Gemini Space Station Inc. becoming the latest digital asset firm to file for an initial public offering. Founded by Cameron and Tyler Winklevoss, the New York-based exchange and custodian bank plans to list on the Nasdaq under the ticker symbol GEMI.
Since its 2014 launch, Gemini has expanded beyond basic trading services, offering a dollar-pegged stablecoin and a crypto rewards credit card. However, the company’s recently filed S-1 registration reveals financial challenges, including mounting losses. In 2024, Gemini reported $158.5 million in net losses against $142.2 million in revenue. The first half of 2025 proved even more difficult, with losses ballooning to $282.5 million despite generating just $67.9 million in revenue.
This move comes as regulatory pressures ease and political support for digital assets grows. Other major players in the space have already made successful public debuts. Circle Internet Group, the issuer of the USDC stablecoin, raised $1.2 billion in June, with shares surging 168% above their IPO price. Despite strong revenue growth, Circle later reported a quarterly loss tied to one-time costs from its public listing.
Earlier this month, Bullish, the crypto exchange that also owns CoinDesk, secured $1.1 billion in its market debut. Under the leadership of former NYSE president Tom Farley, Bullish shares more than doubled from their initial $37 offering price, peaking at $118.
As Gemini prepares to join these firms on the public stage, investors will be watching closely to see whether the exchange can stabilize its financials while capitalizing on the growing institutional interest in digital assets.
(Source: TechCrunch)
