Nasdaq Stock Market Witnesses Debut of Gemini with 'GEMI' Symbol - Key Facts for Investors
In August 2025, Gemini, the New York-based cryptocurrency exchange founded by the Winklevoss twins, has filed for an Initial Public Offering (IPO) on Nasdaq under the ticker GEMI. The company is pursuing the public listing despite reporting a significant net loss of $282.5 million for the first half of 2025.
The IPO filing reveals dual-class shares to maintain majority control by the Winklevoss twins and a $75 million credit facility secured from Ripple, signaling an innovative stablecoin financing approach. The deal is led by Goldman Sachs, Morgan Stanley, and Citigroup, though the pricing is yet to be disclosed.
This IPO move occurs amid a gradually clearer regulatory environment for crypto firms in the US and a bullish market climate following the return of President Donald Trump. The public listing of Gemini arrives at a time of growing enthusiasm in the crypto capital markets.
The Winklevoss twins have been active in the crypto space, having invested an undisclosed sum in American Bitcoin, a mining firm tied to Donald Trump's sons, Donald Jr. and Eric. American Bitcoin plans to go public via a merger with Gryphon Digital Mining.
Gemini's IPO comes after a series of successful IPOs in the crypto industry. Bullish, another crypto exchange, had a striking debut, with its stock surging over 90% on the first day and briefly trading more than 200% above the IPO price. Circle Internet Group [USDC] staged a successful IPO in June, raising $1.1 billion and soaring 167% above its offering price.
Despite the ongoing financial losses, Gemini hopes these offerings will attract investors. The company, founded in 2014, provides regulated crypto trading, custody services, the GUSD stablecoin, and a crypto rewards card.
However, Gemini faces regulatory challenges. The exchange has been fined $37 million and is required to repay $1.1 billion to users related to its Gemini Earn program, highlighting ongoing scrutiny of crypto firms by regulators. The broader regulatory climate is becoming somewhat more favorable but still entails significant compliance and risk management demands for sustainable profitability and success in public markets.
The Winklevoss twins have been actively involved in the crypto industry, attending inauguration events and a White House crypto summit. President Trump personally acknowledged the Winklevoss twins' influence on crypto regulation at the signing of the GENIUS Act.
As Gemini transitions to a publicly traded company, it reflects optimism about the crypto industry's mainstreaming under evolving regulatory conditions. However, the firm will need to address financial losses and regulatory hurdles to succeed in public markets.
[1] Gemini IPO Filing
[2] Gemini Faces Regulatory Scrutiny
[3] Gemini Repays Users $1.1 Billion
[4] Crypto Industry IPOs
[5] Bullish IPO Debut
[1] The Gemini, founded by the Winklevoss twins, filed for an Initial Public Offering (IPO) on Nasdaq under the ticker GEMI, seeking to transform into a publicly traded company despite reporting a significant net loss for the first half of 2025.
[2] The IPO filing for Gemini reveals ongoing regulatory challenges as the exchange has been fined $37 million and is required to repay $1.1 billion to users related to its Gemini Earn program. The regulatory climate is becoming somewhat more favorable, but the firm still faces stringent compliance and risk management demands.
[3] In response to regulatory scrutiny, Gemini announced it would repay $1.1 billion to users related to its Gemini Earn program, acknowledging the need to address user concerns.
[4] The public listing of Gemini comes after a series of successful Initial Public Offerings (IPOs) in the crypto industry, including Bullish and Circle Internet Group, demonstrating growing enthusiasm in the crypto capital markets.
[5] The debut of Bullish, another crypto exchange, showcased bullishness in the industry, with its stock surging over 90% on the first day and briefly trading more than 200% above the IPO price, marking a successful IPO in the crypto space.
