Quick overview

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Gemini, led by billionaire Winklevoss twins, filed for an initial public offering (IPO).

According to a filing with the US Securities and Exchange Commission on Friday, the crypto exchange and custodian based in New York City ended the six months through June 30 with a net loss of $282.5 million on $67.9 million in revenue, compared to a net loss of $41.4 million on $73.5 million in revenue during the same period last year.

The filing states that Gemini was founded in 2014 and currently has over $18 billion in assets on the platform.

Gemini’s revenue was 65.5% derived from volume-based trading transactions in the first half. The Trump administration’s support for the cryptocurrency sector and the passage of crypto legislation have prompted many companies to go public.

Stablecoin issuer Circle Internet Group Inc. went public in a $1.02 billion IPO in June, rising 168% on its first day of trading, while cryptocurrency exchange Bullish surged 84% after raising $1.11 billion earlier this week.

Gemini, with Tyler and Cameron Winklevoss serving as CEO and president, offers a cryptocurrency exchange, a US dollar-backed stablecoin, crypto staking, and a credit card that rewards users with cryptocurrency. Its institutional services include over-the-counter trading and custody.

The Bloomberg Billionaires Index estimates that Cameron and Tyler are each worth $7.5 billion. They are the only Gemini shareholders listed in the latest filing with holdings of at least 5%. The US Securities and Exchange Commission (SEC) dropped charges against the company earlier this year for selling unregistered securities to retail investors through its Gemini Earn crypto asset lending program in 2023.

Without admitting or denying responsibility, the company agreed to pay $5 million to resolve a lawsuit filed by the Commodity Futures Trading Commission in January. According to the lawsuit, Gemini attempted to introduce the first Bitcoin futures contract subject to US regulation while misleading the regulator.