Winklevoss twins reveal more details in Gemini IPO filing
Gemini, a cryptocurrency exchange, disclosed in a US IPO filing that its revenue decreased and losses widened in the first half of 2025. The offering terms were not specified in the filing, which was made public on Friday.
During the six months ending June 30, the company reported a net loss of $282.5 million on a total revenue of $68.6 million, compared to a net loss of $41.4 million on a revenue of $74.3 million the previous year.
US IPO activity has picked up in recent months, with several new listings attracting strong investor interest. Digital asset companies, including stablecoin issuer Circle and cryptocurrency exchange Bullish, have been prominent in the IPO market.
Following Bullish’s debut as the second listed cryptocurrency exchange in the US after Coinbase Global, Gemini is set to become the third public crypto exchange upon going public.
Gemini plans to utilize the IPO proceeds for general corporate purposes and debt repayment. The exchange also supports stablecoins on its platform, including the Gemini Dollar (GUSD), which is pegged 1:1 to the US dollar.
Founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, Gemini operates in over 60 countries and supports more than 70 cryptocurrencies. The company confidentially filed for an IPO in June and intends to list on Nasdaq under the ticker symbol “GEMI,” with Goldman Sachs and Citigroup serving as lead bookrunners.
Regulatory clarity, institutional adoption, and increasing ETF inflows have boosted investor confidence in the crypto industry. Coinbase and Block became the first blockchain-focused companies to join the S&P 500 earlier this year, marking a significant milestone for the sector.
The industry has transitioned from speculation to sustainability, with institutional investors seeking regulated products and long-term market alignment. This maturation process is expected to pave the way for other crypto firms looking to list their shares on the market.
