Gemini Files for Nasdaq Listing Amid Mounting Losses

Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed for a Nasdaq listing under the ticker "GEMI" despite deepening financial struggles. The S-1 registration reveals a stark contrast to the broader crypto market rally, with losses more than doubling to $282.5 million in H1 2025 against meager $67.9 million revenue.

Wall Street heavyweights including Goldman Sachs and Morgan Stanley are underwriting the offering, though critical details like share count and pricing remain undisclosed. Gemini's cash reserves have halved since December 2024, dropping to $161.9 million as the exchange burns through capital.

The filing underscores the divergence between institutional crypto infrastructure plays and retail-driven market exuberance. While Bullish shares recently surged 83% on debut, Gemini's path reflects the operational challenges of regulated crypto ventures in a volatile sector.