Another crypto company is headed for the public markets. This time, it’s Gemini Space Station Inc., the New York-based crypto exchange and custodian bank founded by billionaire twins Cameron and Tyler Winklevoss.
The outfit, which plans to list on the Nasdaq Global Select Market under the symbol GEMI, was founded in 2014 and operates as an exchange and custodian that offers a number of products and services, including a U.S. dollar-backed stablecoin and a credit card that offers rewards in crypto.
The company’s S-1 document, which was filed Friday after markets closed, provides a look at its finances. The upshot: Gemini appears to have widening net losses. The company reported a net loss of $158.5 million on $142.2 million in revenue in 2024. Net losses in the first six months of 2025 have already exceeded that number. Gemini reported a net loss of $282.5 million on $67.9 million in revenue in the six months ending June 30.
Gemini is the latest crypto company to turn to the public markets as the regulatory environment has eased and the Trump administration has embraced digital currencies and other crypto assets. In June, Circle Internet Group raised $1.2 billion in an IPO. The company, one of the world’s largest issuers of USDC, a stablecoin pegged to the U.S. dollar, had a blockbuster debut with its stock trading 168% above its IPO price of $31 set the previous day.
On Monday, despite higher revenue than a year earlier, Circle reported a quarterly loss due to one-time costs associated with that June public offering.
Earlier this month, crypto exchange Bullish, which also owns media outlet CoinDesk, raised $1.1 billion in its IPO. Bullish, led by former president of the NYSE Tom Farley, saw its shares more than double from its $37 IPO price to peak at $118.
