Yet another crypto company is heading to the public markets, with Gemini Space Station Inc. preparing to make its debut. Founded by billionaire twins Cameron and Tyler Winklevoss, this New York-based crypto exchange and custodian bank is set to list on the Nasdaq Global Select Market using the symbol GEMI.
Established in 2014, Gemini operates as both an exchange and custodian, offering products and services like a U.S. dollar-backed stablecoin and a crypto rewards credit card.
The company’s S-1 filing, submitted last Friday after the markets closed, reveals its financial situation. Unfortunately, Gemini is experiencing growing net losses. In 2024, they reported a $158.5 million net loss on $142.2 million in revenue. For the first half of 2025, the net loss reached $282.5 million against $67.9 million in revenue.
Gemini joins other crypto companies moving to public markets as the regulatory environment relaxes and the Trump administration supports digital currencies and crypto assets.
Circle Internet Group raised $1.2 billion in its IPO back in June. The company, known for USDC, a dollar-pegged stablecoin, had an impressive debut with stock prices soaring 168% above its $31 IPO price.
Despite increased revenue, Circle reported a quarterly loss on Monday due to one-time June IPO costs.
Earlier in the month, Bullish, a crypto exchange owning CoinDesk, raised $1.1 billion in its IPO. Under the leadership of former NYSE president Tom Farley, Bullish shares more than doubled from a $37 IPO price to $118.