Financial Desk Team 
Gemini, the crypto exchange launched by the Winklevoss brothers in 2014, is gearing up for a Nasdaq debut.
The company recently filed an S‑1/A with the SEC on September 2, 2025, signaling an intention to be listed under the ticker GEMI. The plan calls for 16.7 million Class A shares priced between $17 and $19 each.
If investors choose the high end, Gemini could raise roughly $317 million and be valued at around $2.2 billion.
Some analysts wonder whether the market will truly embrace a crypto platform at that price. Still, the move may broaden exposure for digital assets.
Time will tell if investors remain confident.
Founders with vision and determination
Cameron and Tyler Winklevoss entered the spotlight in the early 2000s after suing Mark Zuckerberg for allegedly using their idea for Facebook.
The case ended with a settlement in 2008 that gave them around $65 million ($20 million in cash and $45 million in stock).
Instead of staying in the shadows, they invested a part of that money into crypto as early as 2012 — when the Bitcoin price was less than $20 — accumulating one of the largest known private reserves back then.
Believing strongly in blockchain, they launched the Gemini exchange in 2014.
They hoped it was built to follow U.S. rules and create a bridge between the new crypto world and traditional finance — a dream that is about to reach a new milestone with this IPO.
Today, Morgan Stanley, Goldman Sachs, Citigroup, and Cantor joined the underwriting syndicate, demonstrating leading banks’ confidence in the crypto firm.
Consequently, Gemini has moved closer to replicating Coinbase’s approach when it joined Nasdaq in 2021 in the public market.
A road that is anything but easy
Filed papers show Gemini generated about $142.2 million in 2024, which seems higher than the $98.1 million recorded in 2023. Yet the firm still runs at a loss, with deficits reported in early 2025.
The S‑1 notes that the raised funds will likely increase cash reserves for the next fiscal year and aid overseas growth, though profitability prospects remain uncertain.
An IPO probably won’t shift who runs the company. The Winklevoss twins hold about 95% of the voting rights through two share classes: Class A shares (listed, with limited voting rights) and Class B shares (unlisted, with enhanced voting rights).
This structure —- common in tech — allows the founders to keep control over major decisions, and limits the weight of minority investors.
Gemini’s move marks a return of tech IPOs after a waiting period related to macroeconomic uncertainties. It also reflects the growing desire of crypto exchanges to obtain more institutional recognition.
However, the initiative will have to face some serious obstacles:
- Regulatory pressure in the US and Europe still lingers
- Crypto market volatility hurts revenue, causing uneven earnings for firms
- Competition from Coinbase, Binance, OKX, and others like Circle or Bullish is intense in this sector
Gemini’s IPO in 2021 could be compared to Coinbase’s, but the gap between the two companies is huge. Coinbase generated over $3 billion in revenue when it went public; Gemini only reported about $142 million in 2024. This difference is significant, but Gemini can rely on a “niche” strategy, an image of regulatory compliance, and a loyal user base.
With this IPO, Gemini may establish itself as an institutional name in crypto and hopes to reassure investors and regulators. Both groups will be watching the operation closely; its success appears tied to the market’s reaction and whether Gemini can turn growth into profit.
About The Author
News Desk 
Randros 
