Gemini path to IPO: How Winklevoss brothers aim to regain market trust

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Gemini path to IPO

IPO details

In June, Gemini finally filed the necessary documents with the U.S. Securities and Exchange Commission (SEC), and on August 16 the full details of the upcoming IPO were revealed. Gemini will list on Nasdaq under the ticker GEMI. To do so, it had to disclose its financial results and corporate structure.

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In the first half of 2025, the company reported a net loss of $282.5 million compared to $41.4 million a year earlier. For the entire year of 2024, the loss amounted to $158.5 million on revenue of $142.2 million.

The filing also revealed that customers will be split between Gemini Trust in New York and Moonbase in Florida. The exchange disclosed a credit agreement with Ripple worth $75 million (with an option to increase to $150 million), although it has not been used yet. The IPO will be underwritten by Goldman Sachs, Citi, Morgan Stanley, and Cantor. If completed, Gemini will become the third U.S. crypto exchange to go public after Coinbase and Bullish.

When and how Gemini was founded

Cameron and Tyler Winklevoss, best known for their legal battle with Mark Zuckerberg over the idea of Facebook, received a $65 million settlement in 2008 in cash and stock. They used this capital to invest in Bitcoin, buying about 1% of its total supply in 2013. The brothers soon realized that the crypto market needed a regulated and reliable platform that could attract institutional investors.

In 2014, they founded Gemini, emphasizing strict regulatory compliance in the U.S. The exchange officially launched in October 2015 after obtaining a license from the New York State Department of Financial Services (BitLicense). Since then, Gemini has seen both successes and failures.

Achievements and setbacks

The focus on compliance paid off. Gemini was the first among competitors to launch regulated Bitcoin futures and build infrastructure for institutional clients. The company also expanded internationally, offering custodial services for digital asset storage. In November 2021, Gemini raised $400 million in funding, reaching a valuation of $7.1 billion.

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But the path was far from smooth. With growing competition, Gemini’s trading volume began plummeting in early 2023: by February its share of global spot trading fell to a record-low 0.07%. The exchange also faced backlash from its Earn program, which left many users unable to access their funds. Legal disputes with regulators further hurt its reputation.

A harsh reality check

Today, Gemini holds a modest share of the global crypto exchange market. According to CoinMarketCap, it barely stays in the Top 25 trading platforms, losing ground to many lesser-known projects. Still, the exchange maintains a niche by adhering to strict regulatory standards and focusing on institutional clients.

Despite its failures and loss of market share, Gemini remains a notable player and aims to prove that its commitment to transparency and compliance can ensure long-term success. The final step on this path will be its IPO, which should boost investor confidence and provide new resources for competition. Will it succeed as Circle did? We’ll find out very soon.

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