Winklevoss brothers want to bring Gemini to the Nasdaq despite deep losses

The Crypto Fair Gemini, founded by Cameron and Tyler Winklevoss, has submitted an application to note its shares to the Nasdaq. The company wants to do this under the Ticker Gemi and follows the successful exhibitions of Bullish and Circle.

Gemini course to the Nasdaq

Gemini was founded in 2014 and offers a regulated crypto fair, storage solutions and products such as the Stablecoin Gemini Dollar (GUSD) and a crypto-credit card. According to the application at the US regulator SEC, it is about the first time that the shares of the company have become publicly trading. Large banks such as Goldman Sachs, Morgan Stanley and Citigroup guide the IPO.

The company opts for a dual class structure. Shares of type A receive one vote per share, while type B are worth ten votes. The Winklevoss brothers retain all their B shares and thereby keep control of the company.

Profit warning: losing runs on

However, the figures submitted show that Gemini is heavily loss -making. In 2024, the company was running $ 142.2 million, but made it a net loss of $ 158.5 million. In the first half of 2025, that loss increased further to 282.5 million dollars in a turnover of only $ 67.9 million. The cash position also fell sharply: from 341.5 million at the end of 2024 to 161.9 million halfway through this year.

Trump and optimism in Cryptomarkt

The timing of the IPO does not fall from the sky. Under President Donald Trump, American policy seems more favorable for crypto companies. As a result, interest in stock market specials is growing. In June, for example, Circle raised $ 1.1 billion with an IPO and Bullish saw its market value rise above 10 billion dollars after a price jump of more than 200 percent on the first trading day.

The Winklevoss brothers have previously pronounced politically and support pro-Crypto initiatives in Washington. Their gamble to bring Gemini to the Nasdaq fits in with the wider trend in which American crypto companies again look up the capital markets.