Another cryptocurrency company is preparing to enter the public markets. Gemini Space Station Inc., the New York-based crypto exchange and custodian bank founded by billionaire twins Cameron and Tyler Winklevoss, has filed for an Initial Public Offering (IPO).

The company, which intends to list on the Nasdaq Global Select Market under the ticker symbol GEMI, was established in 2014.

Gemini operates as both an exchange and a custodian, offering a suite of financial products, including a U.S. dollar-backed stablecoin and a crypto rewards credit card.

According to Gemini’s S-1 filing, submitted late Friday, the company’s financials reveal widening losses despite consistent revenues. In 2024, Gemini reported a net loss of $158.5 million on $142.2 million in revenue.

In just the first six months of 2025, the firm’s losses have already surpassed that figure, with a net loss of $282.5 million against $67.9 million in revenue as of June 30.

Gemini’s IPO comes at a time when the crypto sector is showing renewed momentum, partly due to a more favorable regulatory climate and strong support for digital assets from the Trump administration.

In June, Circle Internet Group, one of the world’s largest issuers of the USDC stablecoin, raised $1.2 billion in its IPO. Circle’s debut was one of the most notable of the year, with its stock price soaring 168% above its $31 IPO price on the first day of trading. However, earlier this week, Circle reported a quarterly loss due to one-time costs associated with the offering.

Similarly, earlier this month, Bullish, another major crypto exchange and the parent company of media outlet CoinDesk, secured $1.1 billion in its IPO. Led by former New York Stock Exchange president Tom Farley, Bullish saw its stock price more than double from its $37 IPO price, peaking at $118 shortly after listing.

With its IPO filing, Gemini joins the growing wave of cryptocurrency firms moving into public markets, underscoring the sector’s push for legitimacy and long-term investor confidence despite mounting financial challenges.

Source: TechCrunch