Gemini IPO Ensures Winklevoss Twins Retain Tight Control | US Crypto News

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee, because Wall Street and crypto are colliding once again. Gemini, the exchange founded by the Winklevoss twins, has officially launched its long-anticipated IPO, marking yet another test for a digital asset platform in public markets.

Crypto News of the Day: Winklevoss Twins Cement Control Over Gemini With Dual-Class Stock Structure

The Gemini exchange, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has launched its long-awaited initial public offering (IPO), after filing in June.

It aims to raise as much as $317 million, offering 16,666,667 Class A common shares priced between $17 and $19 per share. Underwriters have a 30-day option to purchase up to 2.5 million shares to cover over allotments.

With this, Gemini has applied to list its stock on the Nasdaq Global Select Market under the “GEMI” ticker symbol.

In readiness for the launch, the exchange appointed a new CFO, Dan Chen, who had previously worked at Affirm, MetLife Investments, and Morgan Stanley.

“I’m looking forward to helping Gemini scale by driving financial strategy as the company enters its next growth phase. Let’s build!” Chen wrote.

Goldman Sachs and Citigroup are leading the offering, and Morgan Stanley, Cantor Fitzgerald, and several other major banks are bookrunners.

Meanwhile, the IPO filing highlights Gemini’s dual-class stock structure, which ensures that the Winklevoss twins will retain tight control over the exchange.

While Class A shares carry one vote each, the Class B shares, entirely held by the co-founders, grant ten votes each. This setup classifies Gemini as a “controlled company” under Nasdaq rules.

The exchange manages over $18 billion in customer assets. It serves over 500,000 monthly active users and 10,000 institutional clients across more than 60 countries.

Since its founding, Gemini has processed over $800 billion in transfers and over $285 billion in trading volume.

Financial Challenges Remain for Gemini

Despite its global presence, Gemini faces steep financial headwinds. In 2024, the firm generated $142.2 million in revenue but posted a net loss of $158.5 million.

BeInCrypto reported that losses deepened in the first half of 2025, with a net loss of $282.5 million on $67.9 million in revenue.

Against this backdrop, Gemini has relied on loans from Winklevoss Capital Fund to support operations.

“…Their venture fund, Winklevoss Capital, has backed tons of crypto projects — like Ethereum, Filecoin, Tezos, and more. They believe crypto is the future of money and the internet,” a user shared in a recent post on X.

The exchange has also borrowed Bitcoin and Ether for liquidity and compliance purposes and maintains a credit line with Ripple.

Meanwhile, Gemini’s IPO comes amid a busy pipeline of high-profile listings, including Circle, BitGo, and Figma.

Others include Klarna, Revolut, and Discord, which analysts say could define the 2026 IPO calendar.

“2026 could be a busy year,” ListingTrack.io indicated.

Meanwhile, others like Tether shun public listings, with CEO Paolo Ardoino citing confidence in its private structure.

Similarly, a recent US Crypto News publication explored what a Ripple IPO would mean for XRP holders. The speculation came after Coinbase IPO investors profited for the first time in July after buying in during the exchange’s 2021 public listing, also reported in a recent US Crypto News publication.

For the crypto exchange, the Nasdaq debut represents a fundraising milestone and a bid to reassure investors of its staying power in a highly competitive digital asset market.

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