Gemini Space Station Files for IPO
Gemini Space Station, the cryptocurrency exchange and custodian established by Cameron and Tyler Winklevoss, has submitted a filing to the US Securities and Exchange Commission to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.
Founded in 2014, Gemini provides a regulated cryptocurrency exchange, custody services, and a variety of blockchain-based products, such as the US dollar-backed Gemini Dollar (GUSD) stablecoin and a crypto-rewards credit card, according to the filing made on Friday.
The filing indicates that this IPO will be the first instance of its shares being publicly traded, with pricing anticipated within an undisclosed range. A syndicate of prominent banks, including Goldman Sachs, Morgan Stanley, and Citigroup, will manage the offering.
Following the offering, Gemini will implement a dual-class share structure that includes Class A stock with one vote per share and Class B stock with ten votes per share. The Winklevoss twins will keep all Class B shares, maintaining majority voting power and classifying Gemini as a “controlled company” in accordance with Nasdaq regulations.
While the filing presents a positive outlook, the S-1 form highlights increasing net losses. In 2024, Gemini achieved $142.2 million in revenue but incurred a net loss of $158.5 million. The losses have intensified in 2025, with the first half of the year recording $282.5 million in losses against $67.9 million in revenue.
The company’s liquidity has also come under pressure. Cash and cash equivalents were reported at $341.5 million at the close of 2024, but declined to $161.9 million by mid-2025, which reflects the impact of ongoing losses and operational expenses.
It’s worth noting that Cameron and Tyler Winklevoss have supported Trump’s reelection efforts and have lent their backing to political action committees focused on cryptocurrency.
Gemini’s initiative occurs amid a changing regulatory landscape. With the Trump administration embracing a more crypto-friendly approach, US digital asset firms are experiencing a revived interest in capital markets.
In June, Circle Internet Group, a stablecoin issuer, executed a remarkable IPO, raising $1.1 billion and finishing its first day 167% higher than its $31 issue price.
Similarly, the cryptocurrency exchange Bullish made an impressive entrance into the public market, with its shares soaring 83.8% on the first day, closing at $68 and giving the company a market capitalization exceeding $10 billion. The stock initially opened at $90, reached a high of $118, over 215% above its $37 IPO price, before retreating.
