Crypto venture of Winklevoss twins, Gemini, submits application for initial public offering
In the world of cryptocurrency, Gemini Space Station Inc., founded by billionaires Cameron and Tyler Winklevoss, has taken a significant step forward. The company, known for its diverse range of products and services including a U.S. dollar-backed stablecoin and a crypto rewards credit card, filed for an Initial Public Offering (IPO) on Nasdaq under the ticker "GEMI" in August 2025 [2][3][4].
The IPO comes amid a favourable U.S. regulatory environment, with recent legislation supportive of cryptocurrency businesses. This supportive climate is a key factor in the wave of crypto IPOs, with Gemini following in the footsteps of Circle Internet Group, which went public in June [1].
However, Gemini's recent financial performance has shown a deterioration. For the first half of 2025, the company reported a net loss of $282.5 million on revenue of $67.9 million, a sharp contrast to the $41.4 million loss on $73.5 million revenue in the same period of 2024 [1][3]. The company's losses deepened while profits shrank, with a net loss of $158.5 million on $142.2 million in revenue in 2024 [5].
Despite these financial challenges, Gemini manages over $18 billion in crypto assets under custody, with transaction-based trading fees accounting for about 65.5% of its total revenue in H1 2025 [1][2][3]. Cash reserves fell sharply from $341.5 million at the close of 2024 to $161.9 million by June 30, 2025, and the company carries $2.1 billion in liabilities, including loans from Galaxy and NYDIG [5].
The IPO details are yet to be finalised, with the exact number of shares and offering price yet to be determined. Goldman Sachs and Citigroup are leading the IPO deal [4]. Gemini aims to use the IPO proceeds to repay debt and for general corporate purposes.
As Disrupt 2025 approaches, with its deadline to save up to $675 on tickets fast approaching, it's clear that the event, now in its 20th anniversary, will provide insights that fuel startup growth, a chance to learn from top voices in tech, and an opportunity to sharpen one's edge in tech. Companies such as Sequoia Capital, ElevenLabs, Netflix, Wayve, and Elad Gil are among those participating [6].
Sources:
[1] CNBC (2025). Gemini plans to go public, with Goldman Sachs and Citigroup leading IPO. [Online]. Available: https://www.cnbc.com/2025/08/01/gemini-plans-to-go-public-with-goldman-sachs-and-citigroup-leading-ipo.html
[2] Reuters (2025). Gemini files for Nasdaq IPO, aiming to raise up to $1 billion. [Online]. Available: https://www.reuters.com/business/gemini-files-nasdaq-ipo-aiming-raise-up-to-1-billion-2025-08-01/
[3] Bloomberg (2025). Gemini Files for IPO, Seeking to Raise up to $1 Billion. [Online]. Available: https://www.bloomberg.com/news/articles/2025-08-01/gemini-files-for-ipo-seeking-to-raise-up-to-1-billion
[4] Forbes (2025). Gemini Files for Nasdaq IPO, Aiming to Raise up to $1 Billion. [Online]. Available: https://www.forbes.com/sites/jackkelly/2025/08/01/gemini-files-for-nasdaq-ipo-aiming-to-raise-up-to-1-billion/?sh=757a7d964564
[5] Business Insider (2025). Gemini's IPO filing shows the crypto exchange has $2.1 billion in liabilities and $161.9 million in cash. [Online]. Available: https://www.businessinsider.com/geminis-ipo-filing-shows-crypto-exchange-has-2-1-billion-in-liabilities-and-161-9-million-in-cash-2025-8
[6] TechCrunch (2025). Disrupt 2025 lineup: Sequoia Capital, Netflix, ElevenLabs, Wayve, Elad Gil and more. [Online]. Available: https://techcrunch.com/2025/08/01/disrupt-2025-lineup-sequoia-capital-netflix-elevenlabs-wayve-elad-gil-and-more/
The Initial Public Offering (IPO) of Gemini Space Station Inc. is not only a testament to the company's progress in the cryptocurrency business, but also a reflection of the favorable U.S. regulatory environment towards crypto businesses. Despite its financial losses and deteriorating performance, Gemini aims to use the IPO proceeds to repay debt and further its business objectives, suggesting a strategic approach in utilizing technology to drive its business growth and profitability.
