Gemini Eyes Nasdaq Listing (GEMI) Amid Growing Losses
Gemini Files for Nasdaq Listing Under GEMI as Losses Mount
Gemini Space Station, the cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss, has filed 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.
Founded in 2014, Gemini operates a regulated crypto exchange, custody service, and offers blockchain-based products, including the Gemini Dollar (GUSD) stablecoin and a crypto-rewards credit card, according to its SEC filing.
The IPO marks the first time Gemini shares will be publicly traded. Pricing details remain undisclosed. Major banks, including Goldman Sachs, Morgan Stanley, and Citigroup, are leading the offering.
Post-IPO, Gemini will implement a dual-class share structure. Class A stock carries one vote per share, while Class B stock carries ten votes. The Winklevoss twins will retain all Class B shares, ensuring majority voting control and classifying Gemini as a “controlled company” under Nasdaq rules.
Expanding Losses at Gemini
The S-1 filing reveals significant net losses. In 2024, Gemini reported $142.2 million in revenue against a $158.5 million net loss. This deficit has worsened in the first half of 2025, with losses reaching $282.5 million on $67.9 million in revenue.
The company’s liquidity has also declined. Cash and cash equivalents decreased from $341.5 million at the end of 2024 to $161.9 million by mid-2025, reflecting financial strain.
Notably, Cameron and Tyler Winklevoss have expressed support for Trump’s reelection bid and have backed crypto-focused political action committees.
Market Optimism Fueled by Political Shift
Gemini's IPO attempt occurs amidst a shifting regulatory landscape. The Trump administration’s more favorable stance towards cryptocurrency has potentially renewed investor confidence in US digital asset companies.
In June, stablecoin issuer Circle Internet Group completed a substantial IPO, raising $1.1 billion. Crypto exchange Bullish also saw its shares surge 83.8% on its first day, reaching a market cap above $10 billion.