Winklevoss twins reveal more details in Gemini IPO filing | Latest Tech News
Gemini’s income fell and losses widened in the first half of 2025, the cryptocurrency exchange said in a US IPO filing, becoming a member of a wave of digital-asset corporations searching for to faucet public markets.
Terms of the offering weren’t disclosed in the filing, made public on Friday.
The company reported a internet loss of $282.5 million on a complete income of $68.6 million in the six months ended June 30, in contrast with a internet loss of $41.4 million on a income of $74.3 million yr earlier.
Tyler and Cameron Winklevoss attend the signing ceremony for the GENIUS Act at the White House last month. Getty Images
US IPO exercise has rebounded in current months following a slowdown earlier this yr brought about by uncertainty over commerce coverage adjustments, with a number of new listings drawing strong investor demand.
Digital asset corporations have also featured prominently in the IPO market in current months, including blockbuster debuts from stablecoin issuer Circle and cryptocurrency exchange Bullish.
Bullish’s debut on Wednesday made it the second listed cryptocurrency exchange in the nation after Coinbase Global. Gemini will change into the third public crypto exchange once it goes public.
“The question for investors regarding Gemini revolves around the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they do that Coinbase can’t copy by Tuesday,” said Michael Ashley Schulman, accomplice and CIO at Running Point Capital.
Gemini said it’ll use IPO proceeds for common company functions and to repay all or half of its third-party debt.
The exchange also helps stablecoins on its platform, a section that has drawn consideration following last month’s signing of the GENIUS Act, a new US law establishing a regulatory framework for stablecoins.
The GENIUS Act is a new US law establishing a regulatory framework for stablecoins. AFP via Getty Images
Gemini points the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the US greenback.
The company, which also helps more than 70 cryptocurrencies and operates in over 60 international locations, confidentially filed for an IPO in June.
Gemini, which was based in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to checklist on Nasdaq under the ticker image “GEMI.” Goldman Sachs and Citigroup are appearing as lead bookrunners.
The Winklevoss twins rose to prominence after suing Facebook, and its CEO Mark Zuckerberg, alleging he stole their concept for the social community. They settled in 2008 for money and Facebook stock.
Executives of cryptocurrency exchange Bullish have a good time at New York Stock Exchange on Wednesdday. REUTERS
Regulatory enhance
Regulatory readability under the Trump administration, rising institutional adoption, and growing ETF inflows have bolstered investor confidence and helped combine crypto into mainstream finance.
In a watershed second for the industry, Coinbase turned the first blockchain-focused company to be a part of the S&P 500 earlier this yr. Block, which facilitates bitcoin purchases, joined the index in July.
The shift marks a turnaround for an industry that spent more than a decade under heavy regulatory scrutiny worldwide.
“We’ve seen a shift from speculation to sustainability. Institutional investors are looking for proof points – real clients, regulated products, and long-term market alignment. This is how the sector matures, and it will likely set the stage for other crypto firms keen to list their shares,” said Nick Jones, founder of crypto firm Zumo.
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