The Gemini Space Station, the Crypto Exchange and Custodian founded by Cameron and Tyler Winklevoss, filed with the US Securities and Exchange Commission to list Class A common stock at the Nasdaq Global Select Market under Ticker Gemi.
Established in 2014, Gemini runs a regulated crypto exchange, custody service, and a range of Says In the filing submitted Friday.
According to its filing, the IPO will mark the first time its shares have been exchanged publicly, with the expected pricing between an unspecified range. The offer will be led by a syndicate of major banks, including Goldman Sachs, Morgan Stanley, Citigroup and others.
Post posting, Gemini will have a dual-class sharing structure, including Class A Stock that carries one vote per part and stock of Class B bringing ten votes. The Winklevoss Twins will remain in all Class B shares, ensuring most of the voting control and qualified Gemini as a “controlled company” under the rules of Nasdaq.
Related: Crypto Biz: Ipo fever, ether wars and stablecoin showdowns
Gemini faces to expand losses
Despite the bullish framing, the S-1 shows the expansion of net losses. In 2024, Gemini posted $ 142.2 million income against a $ 158.5 million net loss. That deficiency deepened in 2025, with losses in the first half of 2025 reaching $ 282.5 million to $ 67.9 million income.
The company’s liquidity is also tight. Cash and cash equivalent stands at $ 341.5 million by the end of 2024, but fell to $ 161.9 million in the mid -2025, reflecting the lame of long losses and operating costs.
Interestingly, Cameron and Tyler Winklevoss Trump’s reelection bid has been supported And the Crypto-focused political action committees were backed.
Related: Blockchain-focused technology joins Crypto IPO Wave with SEC filing
Trump period boosts optimism in the crypto market
Gemini’s move is at the heart of a climate shift of regulatory. With the Trump administration Adoption of a more pro-crypto bearingUS digital asset companies are finding altered appetite in capital markets.
In June, the Stablecoin Issuer Circle Internet Group performed a blockbuster IPO, raising $ 1.1 billion and close the First Day 167% above The price of the issue is $ 31.
As reported, Crypto exchange bullish also made a strong debut in the public market, with its sharing Surging 83.8% on the first day To close to $ 68, giving the company a market cap of over $ 10 billion. Stock opened at $ 90, briefly hit $ 118, more than 215% above the $ 37 IPO price, before pulling.
Magazine: All hated the GPT-5, AI shows social media not to be repaired
