The crypto exchange Gemini went public under the legal name Gemini Space Station, Inc. Cameron and Tyler Winklevoss were already famous for their fight with Mark Zuckerberg over the idea for Facebook. They put money into bitcoin early and built an exchange that courted regulators from the start. When Gemini went public in September 2025, Washington had turned friendly toward crypto, and Circle and Bullish had just gone public to strong demand.

Twins Who Bet on Bitcoin

The Winklevoss twins founded Gemini in 2014 in New York and opened the exchange in October 2015. They pitched it as the safe choice. Gemini ran a custody business as a New York trust company and sought licenses state by state. The bet was that big money would enter crypto only through firms that looked like banks. The model had cracks. A lending program called Gemini Earn froze in 2022, and in 2024 Gemini agreed to return at least $1.1 billion to its users.

Up the Range, Then Down

Gemini raised its target range and then priced its shares above it, at $28, on September 11, 2025. It raised $425 million and listed on Nasdaq under GEMI. The stock rose about 14 percent on its first day. Crypto prices fell in the months that followed, and Gemini's shares slid with them. By October 2026 the shares had lost about 90 percent of their offer price. Gemini still trades on Nasdaq under GEMI.

Cover: Two Sisters (On the Terrace), Pierre-Auguste Renoir. Art Institute of Chicago, public domain. Chosen for two sisters side by side (Gemini, the twins; founded by twin brothers).