Gemini Files for Nasdaq IPO Amid Crypto Market Resurgence

Gemini Space Station Inc., the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has filed for an initial public offering on Nasdaq under the ticker symbol GEMI. The move comes despite reporting a net loss of $282.5 million on $67.9 million in revenue for the first half of 2025, widening from a $41.4 million loss on $73.5 million revenue during the same period last year.

The New York-based firm, which manages over $18 billion in crypto assets, derives 65.5% of its revenue from volume-based trading. Gemini's diversified offerings include exchange services, a USD-backed stablecoin, staking products, and institutional custody solutions—positioning it as a full-spectrum crypto platform in an increasingly competitive market.

This IPO joins a wave of crypto firms going public, including Circle's $1.2 billion listing and Bullish's $1.1 billion debut, which saw first-day pops of 168% and 84% respectively. The trend reflects growing institutional acceptance under favorable regulatory developments, including recent cryptocurrency legislation signed by the TRUMP administration.