Cameron Winklevoss and Tyler Winklevoss in Singapore.
(Bloomberg) — Gemini Space Station Inc., led by the billionaire Winklevoss twins, filed for an IPO as the cohort of crypto businesses seeking to list on public markets continues to swell.
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The New York City-based crypto exchange and custodian had a net loss of $282.5 million on $67.9 million revenue in the six months through June 30, versus a net loss of $41.4 million on revenue of $73.5 million in the same period a year earlier, according to a filing with the US Securities and Exchange Commission Friday.
Founded in 2014, Gemini has more than $18 billion of assets on the platform, the filing shows. In the first six months of this year, transaction revenue from volume-based trades accounted for 65.5% of Gemini’s revenue.
The rush of crypto companies listing publicly comes as the Trump administration has embraced the industry and crypto legislation was signed into law. Stablecoin issuer Circle Internet Group Inc. went public in June in a $1.2 billion IPO, surging 168% on its first trading day, and crypto exchange Bullish climbed 84% in its debut after raising $1.1 billion earlier this week.
Gemini, which counts Cameron Winklevoss as its president and Tyler Winklevoss as its chief executive officer, offers a crypto exchange, a US dollar-backed stablecoin, crypto staking and a credit card that offers rewards in crypto. It also has institutional products including crypto custody and over-the-counter trading.
Cameron and Tyler each have a net worth of $7.5 billion, according to the Bloomberg Billionaires Index. They are the only shareholders in Gemini with stakes of 5% or more listed in the latest filing.
The company previously faced charges from the US SEC in 2023 for selling unregistered securities to retail investors through its Gemini Earn crypto asset lending program, but the SEC dropped those charges earlier this year. The company agreed to pay $5 million to end a Commodity Futures Trading Commission lawsuit in January, without admitting or denying liability. The lawsuit had alleged Gemini misled the regulator when trying to launch the first US-regulated Bitcoin futures contract.
The Winklevoss twins came to prominence after a dispute with Facebook founder Mark Zuckerberg over ownership of the social network. The twins attended President Donald Trump’s signing of the stablecoin legislation in July and had previously donated Bitcoin to his campaign that exceeded the maximum amount allowed, so were refunded the difference. They have invested in American Bitcoin Corp., a Bitcoin mining venture tied to Trump’s sons, Bloomberg News reported.
