Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed with the US Securities and Exchange Commission to list its Class A common stock on the Nasdaq under the ticker GEMI. The IPO represents the first opportunity for the company’s shares to be publicly traded, with pricing details yet to be disclosed and a consortium of major banks, including Goldman Sachs and Morgan Stanley, leading the offering. Despite the initial positive market narrative, the company has reported widening losses, with a net loss of $158.5 million in 2024 and an even deeper loss of $282.5 million in the first half of 2025 against revenues of $67.9 million. Gemini's cash reserves have also dropped significantly, indicating financial strain. The Winklevoss twins will maintain control of the company through a dual-class share structure, qualifying it as a controlled company. This filing comes amid a shifting regulatory landscape that seems to favor crypto companies, as seen with recent IPO successes in the sector, including Circle and Bullish.

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