Gemini Space Station, a crypto exchange and custodian founded by Cameron and Tyler Winklevoss, filed with the U.S. Securities and Exchange Commission to list Class A common stock of the Nasdaq Global Select Market under Ticker Gemi.
Founded in 2014, Gemini operates a variety of blockchain-based products, including regulated crypto exchanges, custody services, and US dollar-backed Gemini Dollar (GUSD) Stablecoin and Crypto-Rewards credit cards.
According to the filing, the IPO is expected to be the first time the shares are public and priced between the non-publicized ranges. The offer will be led by syndicates from major banks, including Goldman Sachs, Morgan Stanley and Citigroup.
After taking office, Gemini has a dual-class shared structure, including Class A, carrying one vote per share and Class B stocks that win 10 votes. Winklevoss Twins will hold all Class B stocks and secure majority votes and qualifying Gemini as “controlling companies” under the NASDAQ rules.
Related: Crypto Biz: IPO Fever, Ether Wars, Stablecoin Awowds
Gemini faces growing losses
Despite bullish framing, the S-1 reveals an increase in net losses. In 2024, Gemini acquired revenue of $142.2 million against a net loss of $158.5 million. The deficit already deepened in 2025, with losses in the first half of 2025 reaching $282.5 million at $67.9 million.
The company’s liquidity has also been strengthened. Cash and cash equivalents were $341.5 million at the end of 2024, but by mid-2025 it had fallen to $161.9 million, reflecting sustained losses and cost burdens.
In particular, Cameron and Tyler Winklevoss supported Trump’s re-election bid and supported the Code-focused Political Action Committee.
Related: Blockchain-centric figure technology joins Crypto IPO Wave and SEC filing
Trump era boosts optimism in the crypto market
Gemini’s movement comes amid a change in the regulatory environment. As the Trump administration adopts a more custody attitude, US digital asset companies are finding new appetites in the capital market.
In June, the Stablecoin Issuer Circle Internet Group staged its blockbuster IPO, raising $1.1 billion, surpassing the initial 167% issue price of $31.
As reported, Crypto Exchange Bullish made its strong public market debut, with stocks surged 83.8% on the first day at $68, closing at a market capitalization of over $10 billion. The stock opened at $90 and temporarily reached $118, pulling back over the $37 IPO price by more than 215%.
Magazine: Everyone hates GPT-5, AI shows that social media can’t fix it
