Gemini Space Station Inc., has reportedly filed for an initial public offering in the United States. The company plans to list on the Nasdaq Global Select Market under the ticker symbol GEMI, according to a filing with the U.S. Securities and Exchange Commission on Friday.
The New York City-based company, owned by billionaire twins Cameron and Tyler Winklevoss, is both a cryptocurrency exchange and a custodian. It offers a platform where users can trade and store their digital assets.
Big Numbers In Revenue this Year
According to its latest filing, Gemini has made $67.9 million in revenue in the first six months of this year, but lost $282.5 million. In the same period last year, it earned $73.5 million but lost $41.4 million.
The company holds more than $18 billion worth of customer assets. Most of its income, about 65.5%, comes from charging fees when people trade cryptocurrencies. Gemini also has other products, such as a U.S. dollar-backed stablecoin, services for earning interest through crypto staking, and a credit card that gives rewards in cryptocurrency. The company also caters to institutions with crypto custody and over-the-counter trading.
The Twin Power Play
Cameron Winklevoss serves as president and Tyler Winklevoss as chief executive officer. Both own at least 5% of the company’s shares. Each brother is worth about $7.5 billion, according to Bloomberg’s Billionaires Index. The IPO is being managed by Goldman Sachs and Citigroup, two large investment banks.
The decision to go public comes as more crypto companies are selling shares on the stock market. This trend has grown after the Trump administration supported new cryptocurrency laws. In June, the stablecoin company Circle Internet Group Inc. went public in a $1.2 billion IPO, and its shares jumped 168% on the first day. Earlier this week, another crypto exchange called Bullish saw its shares rise 84% after raising $1.1 billion.
Legal Issue with U.S Regulators
Meanwhile, this firm has also faced its own share of legal issues in the past. In 2023, the U.S. Securities and Exchange Commission accused the company of selling unregistered securities through its Gemini Earn lending program, but those charges were dropped earlier this year.
In January, Gemini agreed to pay $5 million to settle a Commodity Futures Trading Commission lawsuit that claimed the company misled regulators while trying to launch the first U.S.-regulated Bitcoin futures contract. Gemini did not admit or deny the allegations.
Also Read: Stablecoins Could to Hit $1 Trillion by 2030: Report
