%Gemini, the digital asset exchange founded by Tyler and Cameron Winklevoss, has filed for an initial public offering (IPO) on Nasdaq, targeting a valuation of $2.2 billion. The twins, famously known for their early involvement in Facebook and subsequent pivot to crypto, aim to raise up to $317 million by selling 16.67 million shares priced between $17 and $19 each. This debut comes amid a resurgence in crypto markets, following high-profile IPOs like those of %Circle (NYSE: $CRCL) and %Bullish (NYSE: $BLSH), which have seen substantial gains since listing.
Launched in 2014, Gemini has positioned itself as a compliance-focused platform, emphasizing regulatory adherence in an often turbulent sector. The company offers services including trading, custody, a stablecoin (Gemini Dollar), staking, and a crypto rewards credit card. As of now, it manages $18 billion in assets under custody, underscoring its growth despite recent challenges. However, the filing reveals widening losses, with a net loss of $108 million in the first half of 2025, up from $72 million the previous year, attributed to high operational costs and market volatility.
The IPO reflects broader optimism in crypto’s mainstream adoption, especially post-2024’s Bitcoin halving and ETF approvals. For the Winklevoss brothers, this could mark a redemption arc after their legal battles with Mark Zuckerberg. Analysts suggest the listing might inject fresh liquidity into crypto ecosystems, potentially attracting traditional investors wary of unregulated exchanges. Yet, skeptics point to ongoing regulatory scrutiny and competition from giants like Coinbase.
If successful, Gemini’s Wall Street entry could value the company higher than its 2021 peak, signaling crypto’s maturation. The twins’ venture, once dismissed as a niche play, now stands at the cusp of institutional legitimacy.
