TLDR
- Gemini has filed to go public.
- With crypto companies doing so well on Wall Street, it’s a good time to make the move.
- Unfortunately, the numbers aren’t great — the company is losing money.
While we weren’t exactly right, we were right enough. And we’ll take it. The ole Dypto Crypto ball worked again!
(Kinda).
Gemini, the exchange run by the famous Winklevoss twins, has officially filed to go public on the Nasdaq under the ticker GEMI. But before you start planning your investment strategy, let’s break down what this actually means and why it matters for everyday crypto users. Because…we’re going to be honest here, this one doesn’t look all that great under the hood.
Let’s get after it.
The Gemini Backstory
For those new to the crypto scene, Gemini has been one of the more “buttoned-up” exchanges since 2014. Think of it as the suit-wearing cousin in a family of crypto platforms that prefer hoodies.
Founded by Cameron and Tyler Winklevoss (yes, the guys from the Facebook movie), Gemini has always positioned itself as the regulated, trustworthy option for buying and selling digital assets.
This IPO filing is a big deal because it represents yet another step toward mainstream acceptance of cryptocurrency. On top of that, it could finally give the twins the win they’ve been clawing toward for over two decades. They need it. And at this point, they deserve it.
What Gemini Does
Before we dive into the IPO details, let’s understand what Gemini brings to the table. The company operates several key services that make it more than just a simple crypto exchange.
First, there’s the main trading platform where users buy and sell cryptocurrencies like Bitcoin and Ethereum.
The company also offers custody services, essentially a way to securely store crypto. Think of it like a high-tech safety deposit box for digital assets. This is mostly used for institutional clients like BlackRock and Grayscale.
The company also created the Gemini Dollar (GUSD), a stablecoin backed by real US dollars. Stablecoins are cryptocurrencies designed to maintain a steady value, making them useful for everyday transactions without the wild price swings typical of Bitcoin or other digital assets. Plus, they offer a crypto rewards credit card, letting users earn digital currency on their everyday purchases.
The IPO Breakdown
Gemini will use a dual-class share structure after going public. This means there will be two types of stock. Class A shares (what regular investors will buy) get one vote each, while Class B shares get ten votes each. The Winklevoss twins will keep all the Class B shares, ensuring they maintain control of the company even after selling shares to the public.
The structure is somewhat common in tech IPOs. Companies like Google used similar setups to let founders maintain decision-making power while still raising money from public investors.
The Not-So-Great Numbers
While going public sounds exciting, Gemini’s financial picture tells a more complicated story. The company is bleeding money, and the situation is getting worse, not better.
In 2024, Gemini generated $142.2 million in revenue but incurred a net loss of $158.5 million.
They spent way more money than they made. The first half of 2025 has been even rougher, with losses hitting $282.5 million on just $67.9 million in revenue.
The cash situation is also getting tight. At the end of 2024, Gemini had $341.5 million in cash and cash equivalents sitting around. By mid-2025, that number had dropped to $161.9 million. For a company planning to go public, burning through cash that quickly is concerning.
However, Gemini is a startup. On top of that, it’s a crypto startup. A centralized exchange that came up in a time when it really wasn’t a great time to be a centralized exchange based in the US.
So we aren’t surprised by the numbers. But that doesn’t change the fact that if they want to be taken seriously after going public, they’ve got a lot of work ahead of them to keep shareholders happy.
What It Means For the Crypto Industry
Despite the financial challenges, Gemini’s IPO attempt represents something bigger for cryptocurrency adoption. When established crypto companies go public, it legitimizes the entire industry in the eyes of traditional investors and regulators.
For new crypto users, this could mean several positive changes. Public companies face stricter oversight and reporting requirements, which typically leads to better consumer protections. There’s also the potential for increased innovation as publicly traded companies often have better access to capital for developing new products and services.
However, the dual-class share structure means the Winklevoss twins will retain significant control over company decisions. This could be good or bad depending on your perspective. Some investors prefer management continuity, while others worry about reduced accountability to shareholders.
We’ll be keeping an eye on this one. You should keep an eye on the Dypto Crypto Newsroom for updates on Gemini and other crypto-related news.
About the Author
