Winklevoss Twins Seek $2.2 Billion Valuation for Gemini IPO

The storied writer F. Scott Fitzgerald once mused that “there are no second acts in American lives.” The Winklevoss twins might beg to differ.

On Tuesday, Gemini — a.k.a., the cryptocurrency exchange co-founded by twins and onetime Mark Zuckerberg betes noires Cameron and Tyler Winklevoss — announced it is seeking to raise as much as $317 million ahead of an IPO that would value the company at $2.2 billion. It’s no Facebook, but it’s something.

Running with the Bullish’s

The Winklevii have come a long way since their 2008 settlement with Facebook, which they claimed Zuck stole from them at Harvard. The pair invested early in bitcoin, becoming some of the world’s first bitcoin billionaires and launching Gemini in 2014. More recently, the company has been Exhibit A in the shifting landscape of crypto regulation. In January, days before the inauguration of Trump 2.0, Gemini paid a $5 million settlement to the Commodity Futures Trading Commission after being found to have made false or misleading statements to the regulatory body. By February, a new-look Securities and Exchange Commission concluded a years-long investigation into the company by recommending no enforcement action; in a social media post, Cameron called it a “milestone to the end of the war on crypto.”

Now, Gemini wants to follow in the footsteps of fellow exchanges Circle and Bullish, which have both proven that Wall Street, too, is becoming more and more crypto-curious:

• In early June, stablecoin-issuer Circle popped in its trading debut, with its share price soaring more than 100% in the following weeks. Momentum has since slipped, however. Circle’s share price is now down roughly 50% from a July peak, paring gains since its debut to 11%.
• Then, last month, Peter Thiel-backed crypto exchange Bullish similarly popped in its debut … and has, likewise, seen enthusiasm taper since. Its share price is now down around 11% from its launch.

Me, Myself and Gemini: For all the crypto enthusiasm, Gemini on Tuesday reported a net loss of $282.5 million against $68.6 million in total revenue through the first six months of 2025. That’s an acceleration from a net loss of $41.4 million on total revenue of $74.3 million in the same period a year ago. It’s blunt, and we’re sure the Winklevii don’t love to hear it, but it bears repeating: Gemini is no Facebook.