Gemini, a cryptocurrency exchange founded by the Winklevoss twins in 2014, has submitted an initial public offering (IPO) filing with the SEC. The company plans to list its Class A shares on the Nasdaq under the ticker GEMI. This marks Gemini’s first IPO since launching, and they’ll be backed by heavyweight banks including Goldman Sachs, Morgan Stanley, and Citigroup. However, their high-profile listing comes amid a challenging financial landscape. The S-1 filing reveals $142 million in revenue for 2024, but a significant loss of $158 million. The situation worsened in 2025, with losses reaching $282 million despite just $68 million in revenue during the first half of the year, leading to a drastic decline in cash reserves (nearly halved) to $162 million. The IPO comes amidst renewed interest in crypto firms going public, fueled by the Trump administration’s more favorable stance towards digital assets. The Winklevoss twins have been vocal advocates for the industry and backed Trump’s reelection campaign, aligning their goals with the changing regulatory landscape.