Gemini aims for Nasdaq IPO – despite high losses

Gemini, founded in 2014 by Cameron and Tyler Winklevoss, has filed with the SEC for a listing under the ticker GEMI. Its shares will be listed on the Nasdaq Global Select Market, led by Goldman Sachs, Morgan Stanley, and Citigroup.
Gemini will introduce a dual-class structure: Class A with one vote, Class B with ten votes per share – thus, the Winklevoss twins retain a majority. Financial situation strained: $158.5 million loss in 2024, already $282.5 million loss in the first half of 2025.
Cash reserves fell from $341.5 million at the end of 2024 to just $161.9 million by mid-2025. The IPO joins the recent wave of crypto IPOs – following Circle ($1.1 billion IPO) and Bullish (market capitalization over $10 billion).
Gemini was founded in 2014 by the Winklevoss twins and is one of the first regulated crypto exchanges in the U.S. In addition to a cryptocurrency trading platform, the company operates a custody solution, the U.S. dollar-pegged stablecoin Gemini Dollar (GUSD), and a crypto rewards credit card.

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