Gemini Space Station Inc., Founded by Winklevoss Twins, Prepares for Nasdaq Debut Amidst Widening Net Losses
A prominent cryptocurrency company is preparing for a public listing, this time featuring Gemini Space Station Inc., a New York-based exchange and custodian bank established by billionaire twins Cameron and Tyler Winklevoss. The company intends to trade on the Nasdaq Global Select Market under the ticker symbol GEMI.
Established in 2014, Gemini operates as both an exchange and a custodian bank, offering various products and services such as a U.S. dollar-backed stablecoin and a credit card that rewards users with cryptocurrencies.
Gemini’s financial documents, filed on Friday following market close, reveal a growing trend of net losses. In 2024, the company reported a net loss of $158.5 million from $142.2 million in revenue. The first half of 2025 has already seen net losses surpassing this figure, with Gemini reporting a net loss of $282.5 million on $67.9 million in revenue up to June 30.
Gemini is the latest cryptocurrency company to seek public funding as regulatory conditions have become more favorable and digital currencies have gained support from the Trump administration.
In June, Circle Internet Group managed to raise $1.2 billion through an initial public offering (IPO). This global leader in issuing USDC, a stablecoin pegged to the U.S. dollar, experienced a successful IPO with its stock trading 168% above its previous day’s price of $31. However, despite higher revenue than the previous year, Circle reported a quarterly loss due to one-time costs associated with the June public offering.
More recently, crypto exchange Bullish, which also owns media outlet CoinDesk, secured $1.1 billion in its IPO. Led by former NYSE president Tom Farley, Bullish’s shares more than doubled from their initial price of $37 to peak at $118 on Monday.
While these companies have faced financial challenges, their decisions to go public highlight the growing interest and acceptance of cryptocurrencies in the mainstream financial market.
