Gemini, a cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has officially filed an official offer with the Securities and Exchange Commission (SEC). The filing follows the submission of a confidential draft at the beginning of June.
According to the filing, Gemini intends to list Class A common stock in the NASDAQ Global Select Market, located under the ticker symbol Gemi.
Winclevos twins take strict control of Gemini
This filing provides details about its dual-class inventory structure and provides Winklevoss Twins with majority voting management.
The company says that Class B shares are fully responsible for sharing, as Class B shares have 10 votes each. The arrangement classifies Gemini as a “controlled company” under the rules of the Nasdaq.
Gemini’s IPOs are managed by groups of prominent banks such as Goldman Sachs, Morgan Stanley, Citigroup and Cantor Fitzgerald.
Gemini holds position as a secure and user-friendly platform for digital asset trading and storage. Exchange reports that it serves more than 500,000 active users and approximately 10,000 institutional customers each month in over 60 countries.
The platform manages over $18 billion in customer assets and has processed more than $800 billion in transfers since its inception, with lifetime trading volumes exceeding $285 billion.
The company’s filing frames these metrics as evidence of the potential for growth in the cryptocurrency market. It is expected that wider adoption and new applications will create significant opportunities in the coming years.
Gemini has recorded more than $440 million in recent losses
Despite its growth story, Gemini’s finances reveal an ongoing challenge for crypto companies in the current bull market.
In 2024, the company generated revenue of $142.2 million, but recorded a net loss of $158.5 million. The company said losses escalated in the first half of 2025, reaching $282.5 million with revenue of $67.9 million.
Market analysts suggest that these figures highlight the challenges in expansion and the need for additional capital from public funds.
Meanwhile, the submission also detailed Gemini’s funding arrangements with Ripple and other companies.
Gemini maintains its credit facility with Ripple, which offers up to $75 million in scalables and $150 million, derived from Ripple’s RLUSD Stablecoin. So far, no funds have been raised under the facility.
Additionally, the company has historically relied on loans from the Winklevoss Capital Fund (WCF) and borrowed 133,430 ETH and 10,051 BTC for operational, margin requirements and regulatory compliance. WCF is a family office founded by Winklevoss Twins.
As of June 30, 2025, 39,699 ETH and 4,682 BTC remain unpaid, with annual fees ranging from 4% to 8%.
Gemini’s post is seeking a public debut with $18 billion assets, and was first seen in Beincrypto.
