Another crypto company heads to the open market. This time it’s Gemini Space Station, a New York-based crypto exchange and custodian bank founded by billionaire twins Cameron and Tyler Winklevoss.
The costumes that will be listed on the Nasdaq Global Select Market under the symbol Gemi were founded in 2014 and operate as exchange and custodians offering many products and services, including US dollar-backed Stablecoin and credit cards that offer rewards in Crypto.
The company’s S-1 document filed Friday after the market closed looks at its finances. Results: Gemini appears to be expanding its net loss. The company reported a net loss of $158.5 million with revenue of $142.2 million in 2024. The net losses for the first six months of 2025 were already exceeded that number. Gemini reported a net loss of $282.5 million with revenue of $607.9 million for the six months ended June 30th.
Gemini is the latest crypto company to look to the public market as the regulatory environment is eased and the Trump administration accepts digital currencies and other crypto assets.
In June, Circle Internet Group raised $1.2 billion through its IPO. One of USDC’s biggest issuers in the world, the company is a smash hit debut with a USD-fixed Stablecoin that earned its hits on the previous day, with a stock trading 168% above the IPO price of $31.
On Monday, the circle reported quarterly losses due to one-off expenses related to its June offer, despite higher revenue than it was a year ago.
Earlier this month, Crypto Exchange Bullish also owns media outlet Coindesk, raising $1.1 billion in IPO. Bullish, led by former President NYSE Tom Farley, saw more than double the stock at a peak of $118 from its $37 IPO price.
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