Gemini Trust Company, founded by Cameron and Tyler Winklevoss, submitted an initial public offering registration on September 2, 2025. In its S-1 filing, the exchange disclosed plans to sell up to 16.67 million Class A shares priced between $17 and $19 each to raise approximately $317 million.
The filing values the company at up to $2.22 billion, positioning Gemini as the third major crypto exchange in the U.S. public markets after Coinbase and Bullish. Goldman Sachs and Citigroup serve as lead underwriters, with Morgan Stanley, Cantor Fitzgerald, and other banks participating in the syndicate.
Gemini’s revenue in 2024 totaled $142.2 million, an increase from $98.1 million the prior year, while reporting a net loss of $282.5 million in the first half of 2025, compared with a $41.4 million loss in the same period of 2024. The twins will retain voting control through a dual-class share structure: public Class A shares carry one vote per share, while founders hold Class B shares with ten votes each.
The exchange manages over $18 billion in assets, serves more than 500,000 monthly active users and 10,000 institutional clients worldwide, and has processed cumulative trading volume exceeding $800 billion. Gemini’s IPO arrives amid renewed investor appetite for crypto offerings and follows Trump administration support for digital-asset innovation.
Analysts anticipate strong demand, citing the recent successful listings of Circle and Bullish. Market watchers will focus on Gemini’s execution of regulatory compliance and growth strategies as it transitions to a publicly traded company in an evolving crypto landscape.
Comments (0)