The cryptocurrency IPO boom continues! Winklevoss Brothers' Gemini (GEMI.US) applies for listing to raise US$400 million

The Zhitong Finance App learned that as many digital asset companies are setting off a wave of listings, the cryptocurrency trading platform Gemini Space Station (GEMI.US) also submitted an initial public offering (IPO) application to the US Securities and Exchange Commission (SEC) last Friday. According to estimates, this offering may raise up to 400 million US dollars.

The New York-based company is a regulated cryptocurrency exchange serving retail and institutional clients in over 60 countries around the world. Its business covers spot and derivatives trading, pledge services, OTC trading, asset custody, stablecoin issuance, and other crypto-related products. As of June 30, 2025, Gemini has 523,000 monthly active trading users, 10,000 institutional clients, managed cryptocurrency assets of 18 billion US dollars, and the cumulative trading volume of the platform has exceeded 285 billion US dollars.

According to financial data, in the six months ending June 30, Gemini achieved total revenue of 68.6 million US dollars and a net loss of 282.5 million US dollars; compared with revenue of 74.3 million US dollars and a net loss of 41.4 million US dollars for the same period last year.

IPOs are gradually recovering

Recently, the US IPO market showed a recovery trend. The previous downturn caused by trade policy uncertainty has gradually dissipated, and many new listing cases have been warmly sought after by investors. Digital asset companies performed particularly well, and the amazing debuts of stablecoin issuer Circle (CRCL.US) and cryptocurrency exchange Bullish (BLSH.US) are fresh in my memory.

With Bullish's successful listing last Wednesday, it became the second US cryptocurrency exchange after Coinbase Global (COIN.US), and Gemini will become the third public company in the industry after listing.

“Investors' core concerns about Gemini are its business portfolio and competitive barriers,” said Michael Ashley Schulman, partner and chief investment officer at Running Point Capital. “In particular, the synergy between trading and escrow business, the differentiation of trust system building and growth strategies, and how to build Coinbase's core strengths that are difficult to replicate.”

Gemini stated that the funds raised will be used for general corporate purposes and to repay some third party debts. The platform currently supports more than 70 cryptocurrencies and operates in more than 60 countries. The Gemini Dollar (GUSD), a stablecoin that is 1:1 anchored to the US dollar, recently received more attention due to the signing of the GENIUS Act — this new legislation establishes a regulatory framework for stablecoins.

Gemini was founded in 2014 and plans to be listed on the NASDAQ under the stock code “GEMI”. Notably, the company's founder, the Winklevoss brothers, made a name for suing Facebook and its CEO Mark Zuckerberg for stealing social networking ideas, and eventually received cash and stock compensation in 2008.

In this IPO, a number of top investment banks such as Goldman Sachs, Citi, Morgan Stanley, Cantor Fitzgerald, Evercore ISI, Mizuho Securities, Truist Securities, Cohen & Company Securities, Keefe Bruyette Woods, Needham & Co., and Rosenblatt Securities acted as joint bookkeepers. Specific pricing terms have not been disclosed at this time. According to reports, Gemini secretly submitted a listing application on February 14, 2025.