Gemini Aims for Blockbuster IPO With $18B Crypto Empire in Tow

Crypto's golden child throws its hat in the Wall Street ring—with a war chest that'd make traditional banks blush.

From Winklevoss to Wall Street

The exchange built by Bitcoin's most famous twins isn't just playing in the big leagues anymore—it's building its own stadium. That $18 billion asset pile? More than some legacy banks managed after centuries of monopoly.

Regulators, meet your crypto headache

Watch SEC chairs sweat as Gemini's IPO paperwork hits their desks. That 'wild west' narrative about crypto? Gets harder to sell when a homegrown exchange outpaces traditional finance at its own game.

The cynical take

Nothing says 'mature asset class' like needing Wall Street's approval—but hey, even revolutionaries eventually want a seat at the country club. Just don't look too closely at who's polishing the silverware.

Winklevoss Twins to Retain Tight Control Over Gemini

The filing provided details on its dual-class stock structure, which gives the Winklevoss twins majority voting control.

The firm stated that its Class A shares carry one vote per share, whereas Class B shares—held entirely by the co-founders and their affiliates—grant ten votes each. This arrangement classifies Gemini as a “controlled company” under Nasdaq rules.

Gemini’s IPO will be managed by a group of prominent banks, including Goldman Sachs, Morgan Stanley, Citigroup, and Cantor Fitzgerald.

Gemini positions itself as a secure, user-friendly platform for digital asset trading and storage. The exchange reports serving more than 500,000 monthly active users and around 10,000 institutional clients in over 60 countries.

Its platform manages over $18 billion in customer assets and has processed more than $800 billion in transfers since inception, with a lifetime trading volume exceeding $285 billion.

The company’s filing frames these metrics as evidence of the cryptocurrency market’s growth potential. It anticipates that broader adoption and new applications will create substantial opportunities in the years ahead.

Gemini Records Over $440 Million in Recent Losses

Despite its growth narrative, Gemini’s financials reveal ongoing challenges for the crypto firm in the current bull market.

In 2024, the company generated $142.2 million in revenue but posted a net loss of $158.5 million. The firm noted that the losses widened in the first half of 2025, reaching $282.5 million on revenue of $67.9 million.

Market analysts suggest these figures highlight challenges in scaling and the need for additional capital through public funding.

Meanwhile, the filing also detailed Gemini’s financing arrangements with Ripple and other firms.

Gemini maintains a credit facility with Ripple, offering up to $75 million, scalable to $150 million, denominated in Ripple’s RLUSD stablecoin. So far, no funds have been drawn under this facility.

Additionally, the firm has historically relied on loans from Winklevoss Capital Fund (WCF), borrowing 133,430 ETH and 10,051 BTC for operations, margin requirements, and regulatory compliance. WCF is a family office founded by the Winklevoss Twins.

As of June 30, 2025, 39,699 ETH and 4,682 BTC remain outstanding, with annualized fees between 4% and 8%.