U.S.-based cryptocurrency exchange Gemini, led by its founders Cameron and Tyler Winklevoss, has submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission. As the first step in the IPO process, the company secretly filed a draft in June. In the official application, Gemini expressed its aim to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “GEMI”.
Dual-Class Structure and Control Dynamics
In Gemini’s IPO filing, it was revealed that the company has adopted a dual-class share structure. While Class A shares offer one vote per share to their holders, Class B shares, held exclusively by the founders and their affiliates, provide ten votes per share. This system is designed to give the founders majority control over the company, categorizing it as a “controlled company” under Nasdaq regulations.
Major financial institutions such as Goldman Sachs, Morgan Stanley, Citigroup, and Cantor Fitzgerald are noted to be involved in the public offering process. Gemini portrays itself as a secure and user-friendly platform for digital asset transactions and custody. According to the company’s data, it boasts over 500,000 monthly active users and partners with nearly 10,000 institutions across more than 60 countries.
Economic Indicators and Emphasis on Growth
The IPO documentation underscores that the assets under management have reached $18 billion, with overall transfer operations exceeding $800 billion and transaction volumes surpassing $285 billion. Based on these figures, Gemini highlights the growth potential of the cryptocurrency market, noting the significant opportunities arising from the sector’s wider adoption and new application developments.
Gemini stated: “Our numerical indicators reflect the general growth potential of the sector and the opportunities that may arise in the future.”
Current Financial Status and Challenges
Financial reports prepared by Gemini shed light on significant challenges faced by the company. In 2024, the company generated $142.2 million in revenue, yet recorded a net loss of $158.5 million in the same period. In the first half of 2025, revenue decreased to $67.9 million, while the net loss increased to $282.5 million.
Experts suggest that this financial situation underscores the scaling difficulties Gemini faces and its potential need to raise additional capital via the IPO. Additionally, the company has established financial agreements with Ripple 
$1 and other entities.
Reports indicate that Gemini has secured a $75 million credit line with Ripple, which can be increased to $150 million, although no draws have been made so far. The company has also borrowed from Winklevoss Capital Fund (WCF) in the past, utilizing 133,430 ETH and 10,051 BTC for operations, margin requirements, and regulatory compliance.
As of June 30, 2025, Gemini was required to repay 39,699 ETH and 4,682 BTC to WCF, with annual interest rates ranging from 4% to 8%. It is noted that Winklevoss Capital Fund is a family fund belonging to the company’s founders, Cameron and Tyler Winklevoss.
