Market News

Crypto IPOs Surge: Gemini Sets Sights on Nasdaq Amid Financial Challenges

Gemini, the crypto exchange created by the Winklevoss twins, is preparing for a public debut on Nasdaq despite facing significant losses.

The exchange recently filed its S-1 registration with the SEC and aims to be listed under the ticker GEMI, with major financial institutions like Goldman Sachs and Morgan Stanley involved in the process.

In its financial disclosures, Gemini reported a net loss of $282.5 million against $68.6 million in revenue for the first half of 2025, a stark contrast to the previous year.

This shift in finances comes as the crypto market experiences a resurgence of initial public offerings, with companies like Circle and Bullish recently going public.

Gemini’s launch is indicative of a broader trend where crypto companies are leading the U.S. IPO wave, showcasing renewed interest in the sector.

Circle’s successful debut, raising over $1 billion, has paved the way for other firms, including potential candidates like Kraken and BitGo.

Despite the downturn in revenue, the Winklevoss twins remain optimistic about Gemini's growth and innovations, including a new self-custodial smart wallet.

They have also reinforced their political connections, supporting pro-crypto policies and investing in ventures linked to former President Trump’s family.

The potential IPO of Gemini signifies a critical shift for the crypto industry, moving it closer to mainstream acceptance.

As investors remain keen on cryptocurrency, Gemini’s listing may provide a unique opportunity for public market participation in the evolving digital asset landscape.