Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed with the US Securities and Exchange Commission to list its Class A shares on the Nasdaq Global Select Market under the ticker GEMI. This marks the company’s first attempt at a public debut, following the strong listings of rivals like Bullish and Circle.

Founded in 2014, Gemini operates a regulated crypto exchange, a custody service, and products including the Gemini Dollar (GUSD) stablecoin and a crypto-backed rewards card. The IPO will be underwritten by Wall Street giants including Goldman Sachs, Morgan Stanley, and Citigroup.

The Winklevoss twins will retain majority control through a dual-class structure, holding all Class B shares, which carry ten votes each. This ensures Gemini will qualify as a “controlled company” under Nasdaq rules, giving the founders outsized decision-making power.

However, Gemini’s finances reveal mounting challenges. In 2024, the exchange generated $142.2 million in revenue but recorded a $158.5 million net loss. Losses deepened in the first half of 2025, with $282.5 million in red ink against just $67.9 million in revenue. Cash reserves have also dwindled from $341.5 million at the end of 2024 to $161.9 million by mid-2025.

The listing comes amid renewed optimism for US crypto firms as the Trump administration embraces a friendlier stance toward digital assets. Earlier this year, Circle raised $1.1 billion in a blockbuster IPO, while Bullish surged nearly 84% on its first day of trading.