Gemini IPO: not convincing enough 🤷‍♂️🔔; Wyoming launches first state-backed stablecoin 😳🪙

FinTech is Eating the World, 21 August

Hey Everyone,

Good morning & happy Thursday! Today’s issue is really hot as we’re looking into Gemini’s IPO filling, and why it’s not convincing enough (deep dive into their S-1 filling, uncovering the most important facts & figures, what they mean and what’s next for the Winklevoss twins’ crypto platform), and Wyoming that just launched the world’s first state-backed stablecoin (what it’s all about, why it matters & what this could lead to + bonus deep dive into Circle and the ultimate list of stablecoin resources inside). So let’s just jump straight into the finnovative stuff 🌶️

Gemini IPO: not convincing enough 🤷‍♂️🔔

Following the money 💸 Gemini, the crypto trading platform led by Tyler and Cameron Winklevoss, has finally & publicly filed for an initial public offering (IPO). The company aims to join Coinbase COIN 0.00%↑ and Bullish BLSH 0.00%↑ as a publicly traded crypto exchange. It plans to list its shares on Nasdaq under the ticker symbol $GEMI, with Goldman Sachs and Citigroup managing the offering.

In short, Gemini represents a fascinating dichotomy in the digital asset ecosystem - a compliance-first, institutionally-focused crypto exchange with strong brand equity and diversified revenue streams, yet plagued by persistent losses, deteriorating operational metrics, and an increasingly challenging competitive landscape. While the company has built meaningful infrastructure across custody, trading, and payments, the recent financial trajectory raises serious questions about management execution and market positioning.

Let’s take a deeper dive into this, uncover the most important financial facts & figures, and see what’s next for Gemini.