Cryptocurrency exchange Gemini, founded by twin brothers Cameron and Tyler Winklevoss, has filed to hold an initial public offering (IPO) in New York.
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Gemini, which is the Latin word for twin, has officially filed its IPO paperwork with the U.S. Securities and Exchange Commission (SEC) after confidentially announcing plans to go public earlier this year. In the documents, Gemini disclosed that its revenue rose 45% to $142.2 million in 2024. But the company, which is not yet profitable, posted a net loss of $158.5 million last year.
In the first six months of this year, Gemini’s revenue declined 7.6%, to $68.6 million, and its net loss totaled $282.5 million. Despite the red ink, Gemini boasts 523,000 monthly transacting users, up 5.7% from a year ago. Trading volume on its exchange jumped 50% to $24.8 billion in this year’s first half, while assets on the platform rose more than 30% to $18.2 billion.
Valuation
In its last round of private financing, Gemini was valued at $7.1 billion, and analysts on Wall Street have forecast that the company could raise $400 million from its stock sale. An exact date and size of the upcoming IPO have not yet been announced by Gemini. The company plans to list on the Nasdaq (NDAQ) exchange under the ticker symbol of “GEMI.”
Gemini is the latest crypto firm to test the IPO market following recent debuts by stablecoin issuer Circle Internet Group (CRCL) and crypto firm Bullish (BLSH). In addition to its crypto exchange, Gemini also offers a Bitcoin (BTC) credit card in partnership with Mastercard (MA).
The Winklevoss brothers famously claimed that the idea for Facebook (META) was stolen from them by Mark Zuckerberg when they were classmates at Harvard College. The twin brothers used money from a legal settlement they received in the case to invest in Bitcoin, and have since become billionaires off their BTC stake.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 11.43% in the last 12 weeks.
