GeminiSpace Station Inc., a New York-based cryptocurrency exchange and custodian founded by billionaire twins Cameron and Tyler Winklevoss, is preparing to enter the public markets. The company, established in 2014, plans to list on the Nasdaq Global Select Market under the symbol GEMI. Gemini operates as both an exchange and custodian, offering various products and services, including a U.S. dollar-backed stablecoin and a crypto rewards credit card.
Recent financial disclosures reveal widening net losses for the company. In 2024, Gemini reported a net loss of $158.5 million on $142.2 million in revenue. Losses have accelerated in 2025, with the company posting a net loss of $282.5 million on $67.9 million in revenue for the first six months ending June 30.
Gemini joins a growing list of crypto companies going public amid a more favorable regulatory environment and increased support for digital currencies under the Trump administration.
In June, Circle Internet Group, a major issuer of the USDC stablecoin, raised $1.2 billion in its IPO. The company’s stock surged 168% above its initial offering price of $31. Despite higher revenue, Circle later reported a quarterly loss due to one-time costs tied to its public debut.
Earlier this month, crypto exchange Bullish, which owns media outlet CoinDesk, raised $1.1 billion in its IPO. Led by former NYSE president Tom Farley, Bullish saw its shares more than double from its $37 IPO price, peaking at $118.
The trend highlights renewed investor interest in the crypto sector as companies seek capital through public markets.