On September 12, 2025, cryptocurrency exchange Gemini Space Station, Inc. (ticker: GEMI) officially commenced trading on the Nasdaq Global Select Market. The company's stock opened at 28 per share, reflecting strong market demand. This IPO represented a notable milestone for the crypto industry, as Gemini became one of the few crypto-native companies to go public on a major U.S. exchange.
Founded in 2014 by twin brothers Tyler and Cameron Winklevoss, Gemini has grown into a globally recognized crypto platform. The company operates across more than 60 countries and offers a comprehensive suite of services, including cryptocurrency spot trading, over-the-counter (OTC) transactions, asset custody, and stablecoin issuance. Its flagship stablecoin, the Gemini Dollar (GUSD), is pegged 1:1 to the U.S. dollar and supports over 70 cryptocurrency transactions. As of June 30, 2025, Gemini served approximately 523,000 monthly active users and 10,000 institutional clients, with platform assets under custody exceeding 285 billion, and total transfers processed exceeded $800 billion.
Financially, Gemini has demonstrated significant revenue growth but continues to face profitability challenges. In 2023, the company reported revenue of 142 million in 2024. However, operating losses were substantial, at 166 million in 2024. Net losses followed a similar trend, standing at 159 million in 2024. For the first half of 2025, revenue was 74.23 million in the same period of the previous year. The net loss for H1 2025 widened to 41.37 million in H1 2024. Adjusted EBITDA for the first half of 2025 was negative 32.04 million in the prior-year period. A key factor in the company's financial structure is its heavy reliance on transaction fee income, which accounted for 65.5% of total revenue, making it highly susceptible to market volatility.
Corporate control remains firmly with the Winklevoss brothers. Through their entity, Winklevoss Capital, they held 100% of the Class B shares, granting them 96.7% of the voting power prior to the IPO. Other key executives include CFO Dan Chen, CTO Marshall Beard, and Chief Legal Officer Tyler Meade, who also hold minority stakes in Class A shares. Post-IPO, Winklevoss Capital's voting power slightly decreased to 94.7%, but they retained overwhelming control. Major institutional stakeholders include Morgan Creek Gemini SPV, which held 16.4% of Class A shares pre-IPO and 9.8% post-IPO.
The Winklevoss brothers bring a unique background to Gemini. Beyond their tech entrepreneurship, they are accomplished athletes who competed in the men's double sculls event at the 2008 Beijing Olympics, finishing sixth. Their narrative also includes a highly publicized legal dispute with Mark Zuckerberg, which they settled in 2012 for a combination of cash and Facebook stock valued at 10 per bitcoin. This early bet on cryptocurrency laid the foundation for their eventual co-founding of Gemini in 2014.
The company's market entry coincides with a period of immense growth for the cryptocurrency sector, which has seen its overall market capitalization expand from less than 3 trillion by mid-2025.
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