Gemini Charges Toward Nasdaq IPO Under Ticker GEMI—Crypto’s Latest Wall Street Power Play

Crypto exchange Gemini just fired the starting gun on its Wall Street coming-out party. The Winklevoss twins' brainchild filed for a Nasdaq listing under ticker GEMI—because nothing says 'trust us' like a ticker that rhymes with 'enemy'.

Wall Street or Bust

This isn't some DeFi fly-by-night operation. Gemini's going full institutional, betting big that traditional finance has finally stopped pretending blockchain is just for drug deals and memecoins. The move comes as crypto's old guard races to legitimize before the SEC figures out whether it wants to regulate or obliterate the industry.

Timing is Everything

August 2025 might seem late for a crypto IPO—until you remember most traders are still recovering from the 2024 'stablecoin spring'. Gemini's playing the long game, banking on its compliance-first rep to woo skittish institutional investors who still think private keys are house arrest accessories.

One cynical finance jab: Nothing cures cold feet like watching your competitor's stock moon while you're stuck in SEC comment letter purgatory.

Gemini twins ride crypto wave with $18B in assets and Nasdaq IPO plans

Founded in 2014, Gemini manages over $18 billion in assets. In the first half of 2025, transaction revenue from volume-based trades accounted for 65.5% of its total revenue.

The wave of crypto IPOs coincides with the TRUMP administration’s embrace of the sector, including recently signed crypto legislation. Stablecoin issuer Circle went public in June with a $1.2 billion IPO, surging 168% on its first trading day, while crypto exchange Bullish jumped 84% after raising $1.1 billion earlier this week.

Gemini offers a crypto exchange, a U.S. dollar-backed stablecoin, crypto staking, a crypto rewards credit card, and institutional services such as custody and over-the-counter trading. Cameron Winklevoss serves as president, and Tyler Winklevoss is CEO. The filing shows that each twin has a net worth of $7.5 billion, and they are the only shareholders with stakes of 5% or more.

Previously, Gemini faced SEC charges in 2023 over unregistered securities sales through its Gemini Earn program, which were later dropped. The company also paid $5 million to resolve a Commodity Futures Trading Commission lawsuit in January, without admitting or denying liability.

The Winklevoss twins, who gained fame from a dispute with Facebook’s Mark Zuckerberg, attended President Trump’s signing of the stablecoin legislation in July. Bloomberg News reported they have invested in American Bitcoin Corp., a Bitcoin mining venture linked to Trump’s sons.

Goldman Sachs and Citigroup are leading the IPO, which will debut on the Nasdaq Global Select Market under the ticker GEMI.

Bullish expands IPO as crypto firms ride a wave of public market listings

The Gemini news comes as Peter Thiel-backed cryptocurrency exchange Bullish raised the size of its initial public offering. Bullish aims to raise $990 million, offering 30 million shares priced between $32 and $33 apiece, and targeting a valuation of $4.8 billion, according to a Monday filing with the Securities and Exchange Commission.

The Gemini announcement comes as Peter Thiel-backed crypto exchange Bullish expands its initial public offering.  According to a Monday filing with the Securities and Exchange Commission, Bullish plans to raise $990 million, offering 30 million shares priced between $32 and $33 apiece, and targeting a valuation of $4.8 billion.

Led by former New York Stock Exchange president Tom Farley, the company had earlier proposed 20.3 million shares at $28 to $31 each, targeting a $4.2 billion valuation, according to a filing last week.

Bullish has given its underwriters—JPMorgan, Jefferies, and Citigroup—a 30-day option to sell an additional 4.5 million shares. The company’s stock will debut on the New York Stock Exchange under the ticker “BLSH.”

According to the updated filing, BlackRock and Cathie Wood’s ARK Investment Management have indicated interest in purchasing up to $200 million of the shares.

Bullish is among the most recent crypto firms to join the public market, reflecting reinvigorated capital markets driven by investor confidence and increasing regulatory support and clarity from Washington. 

Stablecoin issuer Circle made a strong market debut in June, while Mike Novogratz’s Galaxy Digital uplisted to Nasdaq in May. Around the same time, stock and crypto trading platform eToro launched public trading.

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