Gemini, the prominent cryptocurrency exchange co-founded by brothers Cameron and Tyler Winklevoss, is moving forward with plans to go public. This initial public offering (IPO) represents yet another significant event in the cryptocurrency sector, adding to a year that has already seen several high-profile market entries.
According to IPO documents, Gemini intends to sell approximately 16.66 million shares, with an expected offering price ranging from $17 to $19 per share. This pricing structure suggests a market capitalization of around $2.1 billion at the midpoint of the expected offering range.
The Winklevoss twins, widely recognized as the world’s first bitcoin billionaires, are preparing to list their company, Gemini Space Station, on the Nasdaq under the ticker symbol “GEMI.” Their public offering comes shortly after notable crypto IPOs from companies such as stablecoin issuer Circle and the crypto exchange Bullish, backed by Peter Thiel.
After operating since 2014, Gemini has become one of the more recognizable cryptocurrency exchanges in the United States, competing against giants like Coinbase, the oldest exchange Kraken, and newer players like Robinhood. In its IPO filing, the company highlighted the potential growth of the cryptocurrency market, suggesting that the total addressable market could expand into multi-trillion-dollar opportunities over the coming decades.
Similar to its competitors, Gemini generates revenue from transaction fees as users trade or store their digital assets on the platform. The company also diversifies its income through products like the Gemini dollar stablecoin and a credit card. As of June 30, Bitcoin and ether represented 74% and 14%, respectively, of the total $18.2 billion assets held on the platform. However, during the first half of the year, Gemini reported revenues of $68.6 million alongside a net loss of $282.5 million.
Historically, Gemini has facilitated a staggering $285 billion in total trading volume since its inception through the end of July. In comparison, its larger rival Coinbase recorded around $237 billion in trading volume in its most recent quarter.
The road to this IPO has not been without challenges. The company’s yield-bearing product, called Earn, was negatively affected by the broader cryptocurrency market collapse of 2022, which saw several key players—including FTX, linked to Sam Bankman-Fried—file for bankruptcy. Customers using the Earn program faced limitations on asset withdrawals beginning in November 2022, but by 2024, they were reimbursed, receiving their assets back in-kind instead of cash payouts.
The Winklevoss twins, occasionally referred to as the “Winkelvii,” have substantial influence within the cryptocurrency landscape. In a notable political move, they each donated $1 million worth of bitcoin to support President Donald Trump’s 2024 election campaign. Furthermore, they invested $21 million in a super PAC focused on aiding pro-crypto candidates for the upcoming 2026 mid-term elections, and they have ties to Trump-linked bitcoin mining operations through investments in American Bitcoin Corp.
This narrative of the Winklevoss twins also transcends financial discussions; they famously gained mainstream attention through their early involvement with Facebook, the social media platform now known as Meta. Their story was further popularized by the film “The Social Network,” where they were portrayed by actors Armie Hammer and Josh Pence. As Gemini approaches its public offering, the narrative surrounding the Winklevoss twins adds a compelling layer to the latest chapter in the evolution of the cryptocurrency market.
