Gemini sprints to Nasdaq: Half-year loss of 280 million dollars, founders once hoarded 120,000 bitcoins at a price of 10 dollars each

Revenue of $68.61 million in the first half of the year, net loss of $282 million

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

In 2008, they reached a settlement involving cash and Facebook stock.

Gemini issues the Gemini Dollar (GUSD), a stablecoin pegged to the U.S. dollar at a 1:1 ratio. Gemini also supports over 70 cryptocurrencies and operates in more than 60 countries/regions.

As of June 30, 2025, Gemini serves approximately 523,000 MTUs and around 10,000 institutions in over 60 countries, with platform assets exceeding $18 billion and a cumulative trading volume of over $285 billion, processing over $800 billion in transfers.

Since its inception, as users explore the on-chain world, Gemini has witnessed the overall market capitalization of cryptocurrencies grow from less than $10 billion to over $3 trillion.

The prospectus shows that Gemini's revenue for 2023 and 2024 is projected to be $98.14 million and $142 million, respectively; operating losses are projected to be $312 million and $166 million; and net losses are projected to be $320 million and $159 million.

In the first half of 2025, Gemini's revenue was $68.61 million, down 7.6% from $74.23 million in the same period last year; operating losses were $113 million, compared to $84.8 million in the same period last year; and net losses were $282 million, compared to $41.37 million in the same period last year.

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

Winklevoss Brothers Participated in the Olympics

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

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

Tyler Winklevoss and Cameron Winklevoss are the actual controllers of the company. The brothers were inseparable, attending Harvard together, always going to classes, eating, and exercising together.

The two brothers were always "bound" together, and the outside world gradually referred to them as the Winklevoss twins. Initially, the Winklevoss brothers had an idea to design a social networking site for Harvard students called HarvardConnection, and they even hired Facebook founder Mark Zuckerberg to help with programming. However, the brothers later fell out with Zuckerberg, accusing him of stealing their idea to create Facebook. In 2012, they won a lawsuit that resulted in a cash and stock settlement worth $65 million, of which $20 million was cash, and the rest was paid in stock.

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

The Winklevoss brothers are not only exceptionally intelligent in the tech field but are also athletic; they participated in the men's double sculls event at the 2008 Beijing Olympics, finishing in sixth place.

Circle and Bullish Go Public in the U.S. Stock Market

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

Bullish's offering price was $37, significantly higher than the previous range of $28 to $31. The offering size was expanded to 30 million shares, raising a total of $1.11 billion.

Bullish opened at $90, a 143% increase from the offering price; it peaked at $118 during the day, 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's market capitalization was $9.94 billion. As of Friday's close, Bullish's market cap was $10.2 billion.

Thomas W. Farley serves as the chairman and CEO of Bullish; Tom Farley was previously the president of the NYSE. Bullish stated in its filings that it holds over $3 billion in liquid assets, including 24,000 Bitcoins, 12,600 Ether, and over $418 million in cash and stablecoins.

Earlier, USDC stablecoin issuer Circle went public on the NYSE, issuing a total of 34 million shares and raising a total of $1.054 billion; of this, Circle sold 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's total revenue and reserve revenue for the first half of 2025 was $1.237 billion, compared to $795 million in the same period last year; the net loss was $417 million, compared to $8.156 billion in the same period last year.

Circle's revenue for the second quarter of 2025 was $658 million in total revenue and reserve revenue, a 53% increase from $430 million in the same period last year.

Circle's net profit from continuing operations for the second quarter of 2025 was -$482 million, compared to $32.92 million in the same period last year. The losses were mainly due to significant IPO expenses, totaling $591 million: of which $424 million was for stock compensation related to the IPO's fulfillment conditions. Due to the rise in stock prices, the fair value of Circle's convertible bonds increased by $166 million.

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

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

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