Another crypto exchange files for IPO originally appeared on TheStreet.

Gemini Trust, the crypto exchange founded by billionaire twins Tyler and Cameron Winklevoss, has filed for a U.S. initial public offering, positioning itself to become the third publicly traded digital-asset exchange after Coinbase and Bullish.

The filing, published late Aug. 15, revealed that Gemini’s revenue fell in the first half of 2025 while its net losses widened, underscoring both the challenges and opportunities of going public in a still-volatile industry.

According to the filing, Gemini reported a net loss of $282.5 million on revenue of $68.6 million for the six months ending June 30. That compared to a $41.4 million loss on $74.3 million in revenue a year earlier. The exchange, which supports more than 70 cryptocurrencies and operates across 60 countries, plans to list its shares on Nasdaq under the ticker GEMI, with Goldman Sachs and Citigroup leading the offering. Proceeds will go toward general corporate purposes and repaying third-party debt.

The move comes just days after Bullish, another crypto exchange, staged a blockbuster IPO on the New York Stock Exchange. Shares of Bullish (BLSH) more than tripled in their debut, echoing the summer’s earlier frenzy around Circle Internet Group, the issuer of the USDC stablecoin. Circle’s June listing saw its stock spike nearly tenfold in the first days of trading, before pulling back. Both listings have stoked investor enthusiasm for crypto equities, though analysts caution against chasing the IPO “pop.”

For the Winklevoss twins, Gemini’s IPO is the latest chapter in a colorful career. The brothers first gained public notoriety after suing Facebook and its founder Mark Zuckerberg, claiming he stole their idea for a social networking site. They settled in 2008 for $65 million in cash and stock, later using part of those proceeds to seed Gemini, which launched in 2014.

Gemini also issues the Gemini Dollar (GUSD), a dollar-pegged stablecoin, and its focus on regulated custody and compliance has been a core selling point in an industry often criticized for opacity. The filing comes on the heels of the GENIUS Act, a new U.S. law establishing a federal framework for stablecoins — a development expected to boost confidence in regulated players like Gemini.

Crypto’s IPO pipeline has been growing under the Trump administration, which has rolled back some regulatory hurdles and courted the industry with pro-innovation rhetoric. Institutional adoption has also gained momentum, with large banks expanding custody and ETF offerings. In a symbolic milestone, Coinbase earlier this year became the first blockchain-focused firm to join the S&P 500.

Another crypto exchange files for IPO first appeared on TheStreet on Aug 18, 2025

This story was originally reported by TheStreet on Aug 18, 2025, where it first appeared.