Despite reporting a $282.5 million net loss in 2025, cryptocurrency exchange Gemini has filed for an IPO on the Nasdaq under the ticker “GEMI.” This move signifies a shift in perception from Wall Street as prominent financial institutions like Goldman Sachs and Morgan Stanley are backing the listing, suggesting confidence in the cryptocurrency market’s future. The Winklevoss twins maintain control of the company with Class B shares, ensuring continued influence despite the financial challenges. The filing follows other successful high-profile crypto IPOs, demonstrating a growing acceptance for cryptocurrency listings in the U.S., driven by changes brought about by the Trump administration’s regulatory approach.