Crypto Giant Files for Public Debut

Gemini Trust Company, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has formally submitted paperwork to list on Nasdaq under the ticker symbol GEMI. The move comes despite revealing significant financial losses in its SEC filing on Friday. The proposed IPO follows strong public market debuts by other crypto firms including Circle and Bullish.

Dual-Class Structure Ensures Control

The offering will feature a dual-class share system, with Class B shares granting the Winklevoss brothers ten votes per share. This structure maintains their majority control while allowing public investment through Class A shares. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate for the offering, which hasn't yet disclosed its price range.

【Key Detail】Gemini's filing shows 2024 revenue of $142.2 million but net losses reaching $158.5 million. The financial situation worsened in 2025's first half with losses ballooning to $282.5 million against just $67.9 million in revenue.

Cash Reserves Dwindling

The company's liquidity position has deteriorated sharply, with cash equivalents dropping from $341.5 million at 2024's end to $161.9 million by mid-2025. This financial strain comes as Gemini expands its product suite including the Gemini Dollar stablecoin and a crypto rewards credit card.

Political Connections and Market Timing

——The listing attempt coincides with a pro-crypto shift in Washington—— The Winklevoss twins have been prominent supporters of cryptocurrency-friendly political candidates and policies. Their exchange's IPO follows Circle's successful $1.1 billion public offering and Bullish's 84% first-day trading surge earlier this year.

Industry analysts note the filing reveals both the growing institutional acceptance of crypto businesses and the sector's continued financial volatility. Gemini's ability to convince public market investors of its long-term viability remains uncertain given its current financial trajectory.