Gemini Space Station, Inc., the cryptocurrency exchange founded by the Winklevoss twins, has filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC). The company plans to offer 16.67 million Class A shares at a price between $17 and $19, listing on the Nasdaq under the ticker symbol GEMI.
Financial and Market Context
If successful, Gemini would be the third U.S.-listed centralized crypto exchange, following Coinbase and Bullish. The company’s financial disclosures reveal mounting losses, with a net loss of $158.5 million in 2024 and a further loss of $282.5 million in the first half of 2025.
The IPO aims for a valuation of up to $2.22 billion, a significant drop from its private valuation of $7.1 billion in 2021. This filing comes during a busy IPO season for crypto firms, following major listings by Circle and Bullish, signaling a renewed public interest in digital asset companies.
September 2025, Cryptoniteuae
