Gemini Trust, the crypto exchange founded by billionaire twins Tyler and Cameron Winklevoss, has filed for a U.S. initial public offering, positioning itself to become the third publicly traded digital-asset exchange after Coinbase and Bullish. The filing, published late Aug. 15, revealed that Gemini’s revenue fell in the first half of 2025 while its net losses widened, underscoring both the challenges and opportunities of going public in a still-volatile industry. According to the filing, Gemini reported a net loss of $282.5 million on revenue of $68.6 million for the six months ending June 30. That compared to a ... (full story)