Gemini Space Station, the crypto trade and custodian based by Cameron and Tyler Winklevoss, has filed with the US Securities and Exchange Commission to listing its Class A standard inventory on the Nasdaq Global Select Market below the ticker GEMI.
Founded in 2014, Gemini operates a regulated crypto trade, custody service, and a variety of blockchain-based merchandise, together with the US dollar-backed Gemini Dollar (GUSD) stablecoin and a crypto-rewards bank card, the platform mentioned within the submitting submitted on Friday.
According to its submitting, the IPO will mark the primary time its shares are publicly traded, with pricing anticipated between an undisclosed vary. The providing can be led by a syndicate of main banks, together with Goldman Sachs, Morgan Stanley, Citigroup and others.
Post-offering, Gemini could have a dual-class share construction, together with Class A inventory carrying one vote per share and Class B inventory carrying ten votes. The Winklevoss twins will retain all Class B shares, making certain majority voting management and qualifying Gemini as a “managed firm” below Nasdaq guidelines.
Related: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns
Gemini faces increasing losses
Despite the bullish framing, the S-1 reveals widening web losses. In 2024, Gemini posted $142.2 million in income in opposition to a $158.5 million web loss. That deficit has already deepened in 2025, with losses within the first half of 2025 reaching $282.5 million on $67.9 million in income.
The firm’s liquidity has additionally tightened. Cash and money equivalents stood at $341.5 million on the finish of 2024, however fell to $161.9 million by mid-2025, reflecting the pressure of sustained losses and operational prices.
Notably, Cameron and Tyler Winklevoss supported Trump’s reelection bid and have backed crypto-focused political motion committees.
Related: Blockchain-focused Figure Technology joins crypto IPO wave with SEC submitting
Trump period boosts crypto market optimism
Gemini’s transfer comes amid a shifting regulatory local weather. With the Trump administration adopting a extra pro-crypto stance, US digital asset firms are discovering renewed urge for food in capital markets.
In June, stablecoin issuer Circle Internet Group staged a blockbuster IPO, elevating $1.1 billion and shutting its first day 167% above its $31 situation value.
As reported, crypto trade Bullish additionally made a powerful public market debut, with its shares surging 83.8% on the primary day to shut at $68, giving the corporate a market cap above $10 billion. The inventory opened at $90, briefly hit $118, greater than 215% above its $37 IPO value, earlier than pulling again.
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