Gemini IPO plans have been unveiled as the cryptocurrency exchange files with the U.S. Securities and Exchange Commission to go public. Founded by the infamous Winklevoss twins in 2014, Gemini has grown to manage over $18 billion in assets and boasts 1.5 million users. Yet, the financials paint a less rosy picture. The company reported losses nearing $160 million by the end of 2024, escalating to approximately $282 million by mid-2025.
Following the Circle and Bullish Path
Despite the financial turbulence, Gemini’s leadership is undeterred. The Winklevoss twins are banking on a favourable regulatory climate under the crypto-friendly Trump administration. They aim to replicate the success of Circle and Bullish, whose recent IPOs each raised over $1 billion.
Strategic Use of IPO Proceeds
Goldman Sachs and Citigroup are set to lead the IPO, with shares trading under the ticker “GEMI” on Nasdaq. According to the S-1 filing, part of the proceeds will address “third-party indebtedness,” a strategic move to stabilise the company’s financial footing.
A Vision from 2014
In their IPO filing letter, the Winklevoss twins reminisced about their Bitcoin discovery in 2012 and the subsequent creation of Gemini in 2014. They emphasised their commitment to a “security first” approach, which they believe will appeal to investors despite current losses.
As always, potential investors should consider consulting with a financial advisor before making investment decisions.
