Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is preparing to go public in the U.S., despite its financials showing mounting losses.
The move comes at a time when more crypto firms are going public in the U.S., showing that the industry is pushing ahead with growth plans.
The crypto exchange filed its S-1 on Friday, after first submitting a confidential draft filing in June. The company aims to list on the Nasdaq under the ticker GEMI, with Goldman Sachs, Citi, Morgan Stanley, and Cantor leading the deal.
It plans to use its IPO funds for general corporate purposes and to pay off debt.
While the IPO signals confidence, Gemini’s financials tell a different story.
The company also revealed that its revenue has fallen and losses have widened in the first half of 2025. Gemini posted a net loss of $282.5 million on $68.6 million in revenue for the six months ending June 30. That is a sharp drop from the same period a year earlier, when it lost $41.4 million on revenue of $74.3 million.
The exchange also supports stablecoins, a sector that has gained momentum after the recent GENIUS Act, which set new U.S. rules for the market.
Gemini’s planned listing is part of a broader wave of crypto firms heading to Wall Street. IPO activity in the U.S. has increased in recent months, with crypto companies leading the way.
In June, stablecoin issuer Circle made a strong debut, raising over $1 billion. More recently, Bullish went public, becoming the second U.S.-listed crypto exchange after Coinbase.
Data from the NYSE shows that Bullish and Circle ranked among the top 10 U.S. IPOs in the past 90 days by proceeds. If the IPO succeeds, Gemini will become the third U.S.-listed crypto exchange.
Circle’s debut opened the door for other firms like BitGo and Grayscale, with Kraken also seen as a possible IPO candidate. Coinbase also joined the S&P 500 earlier this year, followed by Block in July. This marked a sharp turnaround for an industry that was once under heavy scrutiny.
The twins have deepened their ties to the Trump administration, donating to Trump’s 2024 campaign, attending White House crypto summits, and backing pro-crypto policies.
Recently, they invested in American Bitcoin, a mining firm co-founded by Donald Trump Jr. and Eric Trump.
They are also pushing innovation in the space. Gemini recently launched a self-custodial smart wallet, which simplifies access to DeFi and Web3 via features like gas-free transactions and social recovery.
Gemini’s IPO shows how fast crypto is moving into the mainstream.
Despite big losses, the Winklevoss twins are betting on growth, new products, and rising investor demand to make Gemini one of the few publicly traded U.S. crypto exchanges.
Gemini filed its S-1 for a Nasdaq IPO under ticker GEMI, with Goldman Sachs and Citi leading.
Gemini would become the 3rd U.S.-listed crypto exchange after Coinbase and Bullish.
IPO proceeds will cover corporate expenses, new growth, and debt repayment.
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