Winklevoss’ Gemini Files for Nasdaq Listing After Strong Bullish Debut

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is officially making a play for Wall Street with its Nasdaq listing plans—even as financial losses continue to mount.

• Gemini filed with the SEC to list on Nasdaq under ticker GEMI.
• The exchange runs a regulated trading platform, custody services, the GUSD stablecoin, and a crypto-rewards card.
• The Winklevoss twins will retain control via a dual-class share structure.
• Despite growth, Gemini posted $158.5M in losses in 2024 and $282.5M in H1 2025.
• The IPO push comes amid renewed optimism under the Trump administration and following strong IPOs from Circle and Bullish.
  

Gemini, founded in 2014, has formally filed with the US Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI. The IPO would mark the first time Gemini shares are publicly traded, with Goldman Sachs, Morgan Stanley, Citigroup, and others leading the offering.

The exchange offers a regulated trading platform, digital asset custody, and blockchain-based products, including the Gemini Dollar (GUSD) stablecoin and a crypto-rewards credit card. Following the IPO, Gemini will adopt a dual-class structure: Class A stock with one vote per share and Class B stock with ten votes. The Winklevoss twins will retain all Class B shares, securing majority voting control and qualifying Gemini as a “controlled company” under Nasdaq rules.

However, the company’s finances paint a challenging picture. In 2024, Gemini generated $142.2 million in revenue but recorded a $158.5 million net loss. The losses deepened further in 2025, with the first half alone seeing $282.5 million in losses on just $67.9 million in revenue. Liquidity has also been under pressure, with cash reserves dropping from $341.5 million in late 2024 to $161.9 million by mid-2025.

Despite the financial strain, the timing for Gemini’s IPO may be favorable. The Trump administration has adopted a more pro-crypto regulatory stance, boosting sentiment across US capital markets. Earlier this year, Circle staged a $1.1 billion IPO, soaring 167% on its first trading day, while crypto exchange Bullish saw its shares skyrocket nearly 216% above issue price before settling.

Final Thought

Gemini’s Nasdaq debut could mark a pivotal moment for the Winklevoss twins’ exchange—testing whether Wall Street is ready to embrace a major US crypto player still battling steep losses but riding the wave of bullish market momentum.