Gemini, the cryptocurrency exchange launched in 2014, has filed the relevant documents as it moves towards an initial public offering on Nasdaq under the symbol GEMI.

Cameron and Tyler Winklevoss, who are known for their early involvement in both Facebook and Bitcoin, are the largest investors in the company, according to Gemini’s registration statement filing with the US Securities and Exchange Commission (SEC).
In their introductory letter in the filing, the twins said: “We're not just Gemini's Founders, we're also Gemini's largest investors. We don't just have skin in the game, we have our entire bodies in the game. While we've accomplished much in the first 10 years, we feel like we're just getting started. We are on a mission and we have a lot of unfinished business.”
The documents submitted on Friday 15 August show that Gemini generated $142.2 million in revenue in 2024, with roughly 70% derived from transaction fees.
The platform currently manages $18 billion in assets and has facilitated approximately $285 billion in trading since its inception nearly a decade ago.
A rocky financial position
Despite its revenue, Gemini posted a $158.5 million loss in 2024. Its financial footing in 2025 remains uncertain, with liabilities exceeding $2 billion against just $162 million in cash reserves.
To strengthen liquidity ahead of its IPO, Gemini secured a borrowing agreement with Ripple Labs, granting access to a $75 million credit line, with the option to double that. The initial loans will be in US dollars, though future borrowing could involve Ripple’s RLUSD stablecoin.
Making its mark
Gemini continues to target both retail and institutional investors through products, particularly its over-the-counter trading desk and a crypto-based US credit card.
While Gemini joins a growing list of crypto firms pursuing public listings, its partnership with Ripple represents the overlap of traditional finance and blockchain technology in major deal-making efforts.
The SEC will now review the registration statement for compliance accuracy. As Gemini moves toward its IPO, questions linger over whether new liquidity and the Winklevoss twins’ influence can outweigh persistent losses and mounting debt.