Nasdaq-bound Initial Public Offering (IPO) for Gemini reveals share price at $28, before market opening

Nasdaq-bound Initial Public Offering (IPO) for Gemini reveals share price at $28, before market opening

Gemini's Anticipated IPO Amidst Political and Regulatory Drama

Gemini, the U.S.-based cryptocurrency exchange founded by the Winklevoss twins, is set to make a significant move with its initial public offering (IPO) on the Nasdaq Global Select Market. The exchange, which will trade under the ticker symbol "GEMI", has priced its shares at $28 each, a figure that has been boosted by strong investor demand.

The IPO, which is expected to close on September 15, subject to customary conditions, is one of the most closely watched debuts in the crypto sector this year. Gemini, founded in 2014, has been a high-profile player in digital assets.

However, the optimism surrounding the IPO is tempered by deepening political and regulatory drama. The Winklevoss twins, co-founders of Gemini, have become outspoken backers of Donald Trump in his 2024 U.S. presidential campaign. This political affiliation has brought the twins into the spotlight, particularly with the recent publication of private Signal conversations between them and Brian Quintenz, Trump's nominee to lead the Commodity Futures Trading Commission (CFTC).

In these conversations, the Winklevoss twins appeared to question Quintenz's loyalty to their complaints against the regulator, while referencing potential appeals to the president himself. This has raised concerns about potential conflicts of interest and has brought the regulatory environment surrounding Gemini into sharper focus.

These concerns are not new. In 2022, the CFTC sued Gemini for misleading statements tied to its Bitcoin futures products. The case was settled this January for $5 million without admittance of wrongdoing by Gemini.

Moreover, the Federal Digital Ministry's draft law proposes establishing an Independent AI Market Surveillance Chamber at the Federal Network Agency (Bundesnetzagentur) responsible for high-risk AI systems. This proposal is contested by state data protection authorities who see a weakening of fundamental rights. The Berlin Data Protection Commissioner, Meike Kamp, has voiced criticism on behalf of her colleagues.

Despite these challenges, Gemini remains confident. In its IPO filing, the company cited its "focus on innovation and a long history of firsts in the crypto industry" as reasons to believe it will expand its base.

However, the company's financials paint a different picture. Despite growth in users, losses have ballooned. In 2024, the company reported a net loss of $158.5 million, and losses have already reached $282.5 million in the first half of 2025. The company remains heavily reliant on trading fees, which made up nearly 70% of its $142.2 million in revenue last year.

The company and its selling stockholders have granted underwriters a 30-day option to purchase up to an additional 758,929 shares to cover over-allotments.

The Winklevoss twins first gained fame through their legal battle with Mark Zuckerberg over the origins of Facebook. Since then, they have become early Bitcoin evangelists and have played a significant role in the growth and development of the cryptocurrency sector.

As Gemini prepares for its IPO, it remains to be seen how these political and regulatory challenges will impact its future.

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