Gemini Space Station, the cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.
The IPO comes as Gemini seeks to capitalize on a resurgent crypto market and a more favorable U.S. regulatory environment under the Trump administration. The company’s S-1 filing, submitted on Friday, outlines a dual-class share structure that will ensure the Winklevoss twins retain majority voting control. The offering will be underwritten by a syndicate of major financial institutions, including Goldman Sachs, Morgan Stanley, and Citigroup.
Founded in 2014, Gemini has grown to offer a wide array of products, including a regulated crypto exchange, custody services, the Gemini Dollar (GUSD) stablecoin, and a crypto-rewards credit card.
Despite the bullish market sentiment, the filing reveals a challenging financial picture for the company. Gemini’s net losses have widened considerably, reaching $282.5 million in the first half of 2025 on $67.9 million in revenue, a significant increase from the $158.5 million net loss on $142.2 million in revenue for all of 2024. The company’s cash and cash equivalents also fell sharply, from $341.5 million at the end of 2024 to $161.9 million by mid-2025.
Gemini’s move to go public follows a string of successful public market debuts by other crypto-focused firms. Stablecoin issuer Circle Internet Group’s blockbuster IPO in June raised $1.1 billion, with its shares surging 167% on the first day. Crypto exchange Bullish also had a strong debut, with its stock rising over 83% on its first day of trading.
