Gemini Files for Nasdaq IPO Amid Deepening Losses
The post Gemini Files for Nasdaq IPO Amid Deepening Losses appeared on BitcoinEthereumNews.com.
Key highlights: Gemini filed with the SEC to list Class A shares on Nasdaq under “GEMI.” Losses hit $282.5M in H1 2025; company liquidity fell sharply amid rising expenses. Winklevoss twins will retain voting control via Class B shares after IPO. Cryptocurrency exchange Gemini filed an application to list on the Nasdaq under the ticker GEMI. The company disclosed mounting losses ahead of its initial public offering. Source: sec.gov Gemini Space Station, a crypto exchange and custody service created by Cameron and Tyler Winklevoss, has submitted documents to the U.S. Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market. Founded in 2014, Gemini operates a regulated cryptocurrency exchange, a custody service, and offers a range of blockchain products, including the Gemini Dollar (GUSD), a U.S. dollar-backed stablecoin, and a crypto rewards credit card. Gemini Overview – Data from SEC Filing According to company documents, this IPO represents the first time the company’s shares will be publicly traded. The placement will be managed by a syndicate of major banks, including Goldman Sachs, Morgan Stanley, Citigroup, and others. Dual share structure After the offering, Gemini will have a dual-class stock structure: Class A shares with one vote per share, and Class B shares with ten votes per share. The Winklevoss twins will retain all Class B shares, granting them voting control. This structure will qualify Gemini as a “controlled company” under Nasdaq rules. The company’s growing losses Despite a positive outlook, the IPO filing highlights Gemini’s rising losses. In 2024, the company generated $142.2 million in revenue but posted a net loss of $158.5 million. This deficit has deepened in 2025, with first-half losses reaching $282.5 million on revenue of $67.9 million. Gemini’s liquidity has also declined. Cash and cash equivalents fell from…
Filed under: News - @ August 18, 2025 9:26 pm