Gemini Files for Nasdaq Listing Under GEMI as Losses Mount

Gemini Space Station, the crypto exchange and custodian founded by Cameron and Tyler Winklevoss, has filed with the US Securities and Exchange Commission to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.

Founded in 2014, Gemini operates a regulated crypto exchange, custody service, and a range of blockchain-based products, including the US dollar-backed Gemini Dollar (GUSD) stablecoin and a crypto-rewards credit card, the platform said in the filing submitted on Friday.

According to its filing, the IPO will mark the first time its shares are publicly traded, with pricing expected between an undisclosed range. The offering will be led by a syndicate of major banks, including Goldman Sachs, Morgan Stanley, Citigroup and others.

Post-offering, Gemini will have a dual-class share structure, including Class A stock carrying one vote per share and Class B stock carrying ten votes. The Winklevoss twins will retain all Class B shares, ensuring majority voting control and qualifying Gemini as a “controlled company” under Nasdaq rules.

Related: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns

Gemini faces expanding losses

Despite the bullish framing, the S-1 reveals widening net losses. In 2024, Gemini posted $142.2 million in revenue against a $158.5 million net loss. That deficit has already deepened in 2025, with losses in the first half of 2025 reaching $282.5 million on $67.9 million in revenue.

The company’s liquidity has also tightened. Cash and cash equivalents stood at $341.5 million at the end of 2024, but fell to $161.9 million by mid-2025, reflecting the strain of sustained losses and operational costs.

Notably, Cameron and Tyler Winklevoss supported Trump’s reelection bid and have backed crypto-focused political action committees.

Related: Blockchain-focused Figure Technology joins crypto IPO wave with SEC filing

Trump era boosts crypto market optimism

Gemini’s move comes amid a shifting regulatory climate. With the Trump administration adopting a more pro-crypto stance, US digital asset companies are finding renewed appetite in capital markets.

In June, stablecoin issuer Circle Internet Group staged a blockbuster IPO, raising $1.1 billion and closing its first day 167% above its $31 issue price.