The cryptocurrency IPO boom continues! The Winklevoss brothers' Gemini (GEMI.US) applies for listing, planning to raise $400 million.

As many digital asset companies are starting a wave of IPOs, the cryptocurrency trading platform Gemini Space Station (GEMI.US) also submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) last Friday. It is estimated that this issuance may raise up to $400 million. This New York-based company is a regulated cryptocurrency exchange that serves retail and institutional clients in over 60 countries worldwide. Its business includes spot and derivatives trading, custody services, over-the-counter trading, asset custody, stablecoin issuance, and other cryptocurrency-related products. As of June 30, 2025, Gemini has 523,000 monthly active trading users, 10,000 institutional clients, and custody of $18 billion in cryptocurrency assets, with a total trading volume exceeding $285 billion. Financial data shows that in the six months ending on June 30, Gemini achieved total revenue of $68.6 million and a net loss of $282.5 million; compared to $74.3 million in revenue and a net loss of $41.4 million in the same period last year. IPO gradually resurges The U.S. IPO market is showing signs of recovery recently. The previous downturn caused by trade policy uncertainties is gradually dissipating, and several new listing cases have been warmly received by investors. Digital asset companies have particularly stood out, with the stunning debuts of stablecoin issuer Circle (CRCL.US) and cryptocurrency exchange Bullish (BLSH.US) still fresh in memory. With Bullish successfully listing last Wednesday, it became the second publicly traded cryptocurrency exchange in the U.S. after Coinbase Global (COIN.US), and Gemini will become the third public company in the industry after it goes public. "Investors' core concern about Gemini lies in its business portfolio and competitive barriers," said Michael Ashley Schulman, partner and chief investment officer at Running Point Capital. "Particularly in the synergies between trading and custody services, the development of trust systems and differentiated growth strategies, and how to build core advantages that are difficult for Coinbase to replicate." Gemini stated that the funds raised will be used for general corporate purposes and to repay some third-party debt. The platform currently supports over 70 cryptocurrencies, operating in over 60 countries. Its stablecoin Gemini Dollar (GUSD), pegged 1:1 to the US dollar, has received more attention recently due to the signing of the "GENIUS Act," a new law that establishes regulatory framework for stablecoins. Established in 2014, Gemini plans to list on Nasdaq under the ticker symbol "GEMI." It is worth noting that the company's founders, the Winklevoss brothers, gained notoriety for suing Facebook and its CEO Mark Zuckerberg for stealing the idea of a social network, eventually receiving cash and stock compensation in 2008. The IPO is being led by several top investment banks including Goldman Sachs Group, Inc., Citigroup, Morgan Stanley, Cantor Fitzgerald, Evercore ISI, Mizuho Securities, Truist Securities, Cohen & Company Securities, Keefe Bruyette Woods, Needham & Co., and Rosenblatt Securities. Specific pricing terms have not yet been disclosed. Gemini reportedly secretly submitted its listing application on February 14, 2025.