The cryptocurrency landscape is set for a significant transformation in 2025 as the Winklevoss twins, Cameron and Tyler Winklevoss, prepare for Gemini Space Station’s initial public offering (IPO). Known as the world’s first bitcoin billionaires, the twins gained fame through their early involvement with Facebook, now known as Meta Platforms, Inc. (META). Gemini Space Station, which operates the crypto exchange they founded in 2014, is expected to list on the Nasdaq under the ticker symbol “GEMI,” as revealed in their recent filing.
This upcoming IPO marks a pivotal moment for the cryptocurrency sector, following the public listings of stablecoin issuer Circle (CRCL) and Peter Thiel-backed crypto exchange Bullish (BLSH). Gemini plans to offer approximately 16.7 million shares priced between $17 and $19. At the midpoint of this range, the company’s market valuation would reach around $2.1 billion, with anticipated proceeds of approximately $272 million from the offering.
Within Gemini, Tyler Winklevoss will serve as CEO, while Cameron will take on the role of president. The exchange has established itself as a leading player in the United States, competing with major platforms such as Coinbase (COIN), the oldest exchange Kraken, and newer entrants like Robinhood (HOOD). The company anticipates that the crypto market’s total addressable opportunities could expand into multi-trillion-dollar ranges over the coming decades.
Gemini’s revenue model primarily relies on transaction fees generated when users trade on the platform or utilize it to manage their digital assets. Additionally, the company has diversified its income through ancillary businesses, including the Gemini dollar (GUSDUSD) stablecoin and a credit card service. As of June 30, 2025, Bitcoin and Ether comprised 74% and 14%, respectively, of the $18.2 billion in assets held on the platform. Notably, Gemini reported $68.6 million in revenue alongside a net loss of $282.5 million during the first half of the year.
Historically, Gemini has processed approximately $285 billion in total trading volume since its inception, culminating at the end of July 2025. For comparison, Coinbase reported a trading volume of around $237 billion in their most recent quarter, highlighting the competitive nature of the cryptocurrency exchange market.
Gemini’s trajectory has faced challenges, particularly when its yield-bearing Earn program was affected by the broader crypto market collapse in 2022, during which numerous major companies, including FTX, sought bankruptcy protection, leaving many customers in precarious positions. Customers who participated in the Earn program were unable to withdraw their assets starting in November 2022 but were compensated in 2024, receiving their funds back in-kind rather than as cash payouts.
The Winklevoss twins possess considerable influence in the cryptocurrency space. They each contributed $1 million worth of bitcoin to former President Donald Trump’s 2024 election campaign. Earlier this year, they invested $21 million into a super PAC focused on supporting pro-crypto candidates ahead of the 2026 mid-term elections. They have also invested in American Bitcoin Corp. (ABTC), a bitcoin mining company linked to Trump.
“Gemini Space Station Form S-1.”
“Company Highlights.” Coinbase Investor Relations.
“Winklevoss Twins Said to Invest in Trump-Linked Bitcoin Miner.” IndieWire.
In conclusion, as Gemini prepares for its IPO, all eyes will be on the Winklevoss twins and their potential impact on the cryptocurrency market’s future in 2025 and beyond.
