Another big crypto player is heading to Wall Street — and it’s one you’ve probably heard of.
Gemini, the crypto exchange and custodian started by Cameron and Tyler Winklevoss, just filed to go public. That’s right, the same identical twins who famously sued Mark Zuckerberg over the founding of Facebook are now aiming to list their crypto company on the Nasdaq under the ticker symbol GEMI.
Founded in 2014 and based in New York, Gemini isn’t just an exchange where you trade Bitcoin or Ethereum. They also offer a U.S. dollar-backed stablecoin, plus a crypto rewards credit card. So yeah, they’ve been trying to cover a lot of ground in the space for a while now.
But here’s where things get a little tricky.
A Closer Look at the Numbers
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When Gemini filed its S-1 with the SEC late last Friday, we got our first peek under the hood. And… the financials aren’t all sunshine and gains.
In 2024, the company pulled in $142.2 million in revenue. Not bad, right? But they also reported a net loss of $158.5 million. Fast forward to just the first half of 2025, and the numbers look even rougher — $67.9 million in revenue, but with a loss of $282.5 million.
So Gemini’s burning through cash faster than it’s making it. Which raises an obvious question: Why now? Why go public at this moment?
The Timing Might Actually Make Sense
It turns out Gemini isn’t alone. The regulatory climate for crypto has been softening, especially with the Trump administration leaning more favorably toward digital currencies.
Combine that with recent successful crypto IPOs — like Circle’s $1.2 billion debut in June or Bullish’s $1.1 billion listing that saw shares spike from $37 to $118 — and it’s easy to see why the Winklevoss twins think this is their shot.
They’re likely hoping that investors are eager to jump into the crypto market again, especially now that some of the uncertainty around regulation is lifting.
What’s at Stake
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If Gemini pulls this off, it could be a defining moment not just for the company, but for broader investor confidence in crypto in the public markets. It also puts a spotlight on the risk and reward equation: companies like Circle and Bullish had strong openings but are now taking some heat due to costs related to going public.
For Gemini, the current losses raise concerns — but there’s also a belief (or at least a bet) that crypto has more room to grow, and that they’ll be well-positioned once it does.
Final Thoughts
This isn’t just a tech IPO story. It’s a snapshot of where crypto stands in 2025 — still volatile, still trying to go mainstream, and still dominated by larger-than-life personalities like the Winklevoss twins.
Will GEMI stock become the next big thing in crypto investing? Or will the losses eventually catch up to them?
We’ll be watching closely. And whether you’re a crypto skeptic or enthusiast, it’s clear: this space isn’t slowing down anytime soon.
Keywords: Winklevoss twins, Gemini, cryptocurrency exchange, IPO, Nasdaq, Bitcoin, Ethereum, crypto market
