Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has formally filed to list on the Nasdaq Global Select Market under the ticker GEMI. The S-1 filing reveals mounting financial challenges, including a $158.5 million net loss in 2024 and $282.5 million in losses during the first half of 2025 alone. Despite this, the IPO secured backing from institutional heavyweights Goldman Sachs, Morgan Stanley, and Citigroup.
The filing discloses a sharp liquidity decline, with cash reserves dropping from $341.5 million at 2024 year-end to $161.9 million by mid-2025. Gemini will implement a dual-class share structure where the Winklevoss twins retain all Class B shares (10 votes each), ensuring majority control. Cameron Winklevoss emphasized their commitment: "Our focus remains on regulatory compliance, which positions us favorably during this crypto market resurgence."
The move aligns with a pro-crypto regulatory shift under the Trump administration, which the Winklevoss twins actively support. It follows successful crypto IPOs like Circle's $1.1 billion debut (167% first-day surge) and Bullish's 83.8% opening jump. Founded in 2014, Gemini operates exchange services, custody solutions, and issues the Gemini Dollar (GUSD) stablecoin.