Gemini, Led by Winklevoss Twins, Charges Toward NASDAQ Listing as Crypto IPOs Explode
Crypto's power players are going mainstream—again. The Winklevoss twins' Gemini exchange is reportedly prepping a NASDAQ listing, riding the wave of blockchain firms rushing to go public.
Wall Street meets Web3
If successful, Gemini would become the first major crypto-native exchange to list on a traditional U.S. stock market. The move signals institutional validation—or perhaps just desperation for fresh capital after the 2022 crypto winter froze venture funding.
Timing is everything
The rumored IPO comes as Bitcoin flirts with new all-time highs and regulators slowly (very slowly) clarify rules for crypto markets. Gemini's betting that public investors will overlook its regulatory scrapes and embrace crypto's 'growth story.'
One cynical footnote: Nothing boosts a company's valuation like slapping 'blockchain' on your SEC filing while markets are frothy. Just ask the 2017 ICO crowd.
Gemini’s Listing Strategy: Control, Visibility, and Growth
Gemini’s IPO filing outlines a dual-class share structure. Class A shares will come with one vote each, while Class B shares—held entirely by the Winklevoss twins—will carry ten votes each. This setup ensures the brothers keep control, even after going public. It’s a strategy used by many tech founders looking to retain influence after a listing.
The company has partnered with top-tier banks like Goldman Sachs, Morgan Stanley, and Citigroup to lead the offering. These heavyweights suggest serious institutional support. Gemini’s MOVE to NASDAQ also signals that it’s aiming for visibility and credibility on Wall Street.
Founded in 2014, Gemini offers more than just a trading platform. It runs a regulated crypto exchange, custody services, a stablecoin (GUSD), and a crypto rewards credit card. There are also products for institutional clients like over-the-counter trading and staking. In total, the firm holds over $18 billion in assets on its platform.
Gemini’s Financial Picture: Deepening Losses Raise Eyebrows
But the financials paint a more complicated picture. In the first six months of 2025, Gemini posted a net loss of $282.5 million on $67.9 million in revenue. That’s a steep decline from the same period in 2024, when losses stood at $41.4 million. The company’s cash reserves also dropped sharply—from $341.5 million at the end of 2024 to $161.9 million by mid-2025.
Most of Gemini’s revenue—over 65%—comes from volume-based trading. This leaves the platform heavily exposed to market fluctuations. In a bullish crypto market, that might work. But in a downturn, it’s a risky game.
Still, Gemini has one big advantage: its branding and leadership. The Winklevoss twins, each worth an estimated $7.5 billion, are crypto veterans with name recognition. Their influence helped Gemini survive previous regulatory challenges, including a $5 million settlement with the Commodity Futures Trading Commission. Even past SEC charges tied to its now-defunct Earn program have been resolved.
Crypto Listings Boom Under Trump-Fueled Optimism
The timing of Gemini’s IPO is no accident. With Donald TRUMP back in the spotlight and pushing pro-crypto policies, public sentiment has shifted. In July, Trump signed major stablecoin legislation, with the Winklevoss twins in attendance. Their deep ties to Trump—both politically and financially—are giving Gemini a regulatory edge.
Competitor Circle raised $1.2 billion in its IPO and jumped 168% on day one. Bullish saw its stock rise 84% after its $1.1 billion offering. These figures send a strong signal: investors want crypto, and they want it on the stock market.
Gemini is clearly watching this trend. Its NASDAQ listing isn’t just a capital-raising play—it’s a strategic move to ride the wave of crypto IPO enthusiasm. Whether it can replicate the success of Bullish or Circle remains to be seen, but the momentum is clearly on its side.
Gemini’s IPO Could Mark a New Chapter for Crypto Finance
Gemini’s IPO isn’t just about one company. It signals a larger shift: crypto is going mainstream. By joining the ranks of publicly traded firms, Gemini is setting the stage for more traditional investors to enter the space.
The Winklevoss brothers have come a long way from their early battles with Mark Zuckerberg over Facebook. Today, they’re shaping the future of finance. With Gemini’s upcoming IPO on NASDAQ, they’re making a clear statement: crypto isn’t a fringe movement anymore—it’s part of the financial core.
If the listing goes well, it could unlock billions in future funding, not just for Gemini, but for the entire industry. One thing’s certain: the world will be watching when GEMI hits the board.
