Original Title: "Gemini Surges Towards NASDAQ: Half-Year Loss of $2.8 Billion, Founder Once Hoarded 120,000 Bitcoins at $10 Each"

Original Authors: Jianping Lei, Di Lei

Following stablecoin issuer Circle and cryptocurrency exchange Bullish, cryptocurrency exchange Gemini is also preparing to go public on the U.S. stock market.

Gemini recently filed its prospectus and is preparing to list on the NASDAQ in the United States, with the stock symbol "GEMI," with Goldman Sachs and Citigroup serving as lead underwriters.

Gemini stated that the proceeds from its IPO will be used for general corporate purposes and to repay all or part of third-party debt.

First-Half Revenue $68.61 Million, Net Loss $2.82 Billion

Gemini was founded in 2014 by billionaire twin brothers Tyler Winklevoss and Cameron Winklevoss, who rose to fame for suing Facebook and its CEO Mark Zuckerberg for stealing their social networking idea.

In 2008, they settled with cash and Facebook stock.

Gemini issued the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the U.S. dollar. Gemini also supports over 70 cryptocurrencies and operates in over 60 countries/regions. As of June 30, 2025, Gemini served approximately 523,000 Monthly Active Users and over 10,000 institutions from over 60 countries, with platform assets exceeding $18 billion, total trading volume exceeding $285 billion, and total transfer volume exceeding $800 billion.

Since its inception, with users' exploration of the on-chain world, Gemini has witnessed the overall cryptocurrency market capitalization grow from less than $10 billion to over $30 trillion.

The prospectus shows that Gemini had revenues of $98.14 million and $142 million in 2023 and 2024, respectively; operating losses of $312 million and $166 million, respectively; and net losses of $320 million and $159 million, respectively.

In the first half of 2025, Gemini's revenue was $68.61 million, a 7.6% decrease from the $74.23 million in the same period last year; operating loss was $113 million, compared to an operating loss of $84.80 million in the same period last year; net loss was $282 million, compared to a net loss of $41.37 million in the same period last year.

In the first half of 2025, Gemini's Adjusted EBITDA was -$113 million, compared to $32.04 million in the same period last year.

Winklevoss Brothers Once Participated in the Olympics

The co-founders of Gemini are the Winklevoss brothers, Tyler Winklevoss and Cameron Winklevoss, with Dan Chen as the CFO.

The CTO is Marshall Beard, and the Chief Legal Officer is Tyler Meade.

Tyler Winklevoss and Cameron Winklevoss are the majority shareholders of the company. The brothers were inseparable that year, always attending classes, having meals, and engaging in sports together after both getting into Harvard.

The two brothers were always "linked" together, and gradually, they were referred to as the Winklevoss brothers by the public. Initially, the Winklevoss brothers had an idea to design a social networking site for Harvard students named HarvardConnection. They even hired Facebook founder Mark Zuckerberg to participate in the programming. However, the two brothers later had a falling-out with Zuckerberg, accusing him of stealing their idea to create Facebook. In 2012, they even obtained cash and stock compensation through a lawsuit, amounting to $65 million, of which $20 million was in cash, and the rest was paid in the form of stock.

In 2012, the Winklevoss brothers began accumulating Bitcoin using some of the compensation received from Facebook, purchasing about 120,000 coins at a price of less than $10 each. In 2014, they co-founded Gemini.

Not only are the Winklevoss brothers highly intelligent in the field of technology, but they are also accomplished athletes. In 2008, they participated in the Beijing Olympics in the men's coxless pair rowing event and achieved sixth place.

Circle and Bullish Successively Listed on the Stock Market

Silicon Valley tycoon and billionaire Peter Thiel-backed cryptocurrency exchange operator Bullish (stock symbol: BLSH) went public on the NYSE last week.

Bullish had a listing price of $37, significantly higher than the previous price range of $28 to $31. Bullish increased its offering to 30 million shares, raising a total of $1.11 billion.

Bullish opened at $90, a 143% increase from the offering price; surged to a high of $118 intraday, a 219% increase from the offering price; and closed at $68, an 84% increase from the offering price. Based on the closing price, the company has a market capitalization of $9.94 billion. As of Friday's close, Bullish's market cap was $10.2 billion.

Bullish's Chairman and CEO is Thomas W. Farley, formerly the president of NYSE. Bullish stated in its filings that it holds over $3 billion in liquid assets, including 24,000 Bitcoins, 12,600 Ethereums, and over $418 million in cash and stablecoins.

Earlier, USDC stablecoin issuer Circle went public on the NYSE, offering a total of 34 million shares and raising $1.054 billion; with Circle selling 14.8 million shares in this IPO, raising $459 million; existing shareholders, including the CEO, sold 19.2 million shares, cashing out nearly $600 million.

According to financial reports, Circle had total revenue and reserve revenue of $1.237 billion in the first half of 2025, compared to $795 million in the same period last year; a net loss of $417 million, compared to $8.156 billion in the same period last year.

In the second quarter of 2025, Circle had revenue of $658 million, a 53% increase from $430 million in the same period last year.

In the second quarter of 2025, Circle's operating net loss was -$482 million, compared to $32.92 million in the same period last year. Circle's losses were mainly due to significant IPO expenses. These costs totaled $591 million: $424 million was used for stock compensation related to the IPO's vesting conditions. Due to the rise in the stock price, the fair value of Circle's convertible bonds increased by $167 million.

In the second quarter of 2025, Circle's Adjusted EBITDA was $126 million, a 52% increase from the same period last year when it was $82.6 million; the Adjusted EBITDA margin was 40%.

As of June 30, 2025, the circulating supply of USDC has increased by 90% year-on-year, reaching $61.3 billion; as of August 10, 2025, the circulating supply of USDC has further increased by 6.4% to reach $65.2 billion.

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