To the winners of the crypto wave: The Winklevoss brothers' Gemini listing, a comeback from Facebook's defeat

The Winklevoss brothers were once known as Silicon Valley failures. However, as of 2026, they are aiming to achieve new glory on Wall Street. The listing of Gemini Exchange is not just a story of business success, but a symbol of strategic revival from adversity. “Lost in the world of social networks, but caught the wave of cryptocurrency”—this upheaval may be the best way to describe the lives of the Winklevoss brothers.

Last week, after Bullish completed its listing on the New York Stock Exchange as the second US-based publicly traded crypto platform, Gemini also finally took action. This “regulation-focused” longstanding American trading platform has begun to seriously pursue a public listing.

The Path to Gemini’s Listing: Full Entry into Wall Street in 2026

In August last year, Gemini officially filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq Global Select Market. The trading symbol is “GEMI.” Prior to this official filing, a confidential IPO application was submitted in February 2025.

According to the documents submitted by Gemini, the company has chosen a traditional IPO route, with Goldman Sachs and Citigroup serving as lead underwriters. Several major institutions, including Morgan Stanley and Cantor Fitzgerald, are participating as underwriters. However, the prospectus currently does not disclose the expected price range or specific share sizes. SEC approval is still pending, and the actual listing date remains undecided.

According to Renaissance Capital estimates, Gemini’s IPO could raise approximately $400 million. The company also secured a credit line of up to $75 million from Ripple, aiming to strengthen liquidity through the RUSD stablecoin, though this line has not yet been utilized.

However, there is a point to watch carefully. Gemini’s financial situation is currently under strain. According to the submitted S-1, in the first half of 2025 (up to June), total revenue was $68.6 million, but net losses reached $282.5 million. This is a significant increase from a loss of $41.4 million in the same period last year. The main revenue source is transaction fees, accounting for about 66% of total income, but the company also offers custody services, staking, and GUSD stablecoin issuance.

Who Are the Winklevoss Brothers: From Harvard, Rowing, to Crypto

More intriguing than Gemini’s story itself are the backgrounds of its founders.

In the summer of 1981, Tyler and Cameron Winklevoss were born into a family with both academic and financial wealth. Their father, Howard, is a professor at the Wharton School of the University of Pennsylvania and also an investor. The brothers grew up in Greenwich, Connecticut—a town known for its wealthy residents, manicured lawns, and yacht harbors.

As boys, the Winklevoss brothers were the quintessential “perfect” template. Top grades, good looks, and boundless energy. They taught themselves programming and by ages 13 and 14, were already building websites. They played guitar and drums alternately in a band. According to their mother, from birth they were like mirror images—same blue eyes, high cheekbones, and even the same rhythm in their crying.

Their teenage years followed a nearly identical trajectory: attending Harvard University’s economics program, studying at Oxford, and pursuing rowing careers. At Harvard, they were core members of the rowing team, earning the nickname “God Squad” from teammates for their disciplined rowing style.

In 2008, they represented the US at the Beijing Olympics in double sculls, finishing sixth. They didn’t medal, but their long-term synchronized training on water, muscle, and willpower laid the foundation for their later entrepreneurial partnership.

From Lawsuits with Zuckerberg to $65 Million Bitcoin Investment

In their junior year at Harvard, the Winklevoss brothers launched the social network “HarvardConnection.” The idea was to create a website aggregating Harvard students’ info, photos, and relationships—an innovative social platform.

Originally, the brothers were star athletes on the rowing team, but they also had a strong interest in technology. Not being top-tier programmers, they brought in classmate Divya Narendra to help develop the website. During this process, they found a sophomore who could help with coding—Mark Zuckerberg.

The story unfolded with more drama than a novel. Initially, the brothers had high hopes for Zuckerberg, believing he would complete the core features of the site. But weeks passed with little progress, and his communication dwindled. Excuses ranged from being busy with studies, bugs in the system, needing more time. Then, the brothers discovered Zuckerberg had secretly launched “The Facebook,” a site very similar in interface to HarvardConnection, with only the name and domain changed.

Furious, they took legal action. In 2004, they sued Narendra and Zuckerberg, accusing them of idea and source code theft. The lawsuit dragged on, during which Facebook rapidly grew into one of Silicon Valley’s most prominent companies.

This story was later adapted into the Hollywood film “The Social Network.”

In 2008, they settled for $65 million, which included a significant amount of Facebook stock. At that point, they were branded as “the ones who lost Facebook.”

But fate has a way of ironic turnarounds. Years later, this settlement became their ticket into the crypto world.

In 2012, they first learned of Bitcoin. Few understood the technology at the time, but the brothers recognized its potential. They allocated part of their settlement to buy Bitcoin, eventually accumulating up to 70,000 coins—about 1% of the total supply at that time. It seemed a small gamble then, but now it has grown into a multi-billion dollar legend.

One analyst remarked—if not for their connection to Facebook, Gemini might not exist today.

As Compliance Advocates: Gemini’s Regulatory Strategy and Business Model

Founded in 2014, Gemini was born out of the brothers’ refusal to be “the ones who missed Facebook,” and their determination to seize the next wave of technology.

At that time, the market was dominated by platforms pursuing rapid growth, often operating in gray areas. But Gemini chose a different path from the start: embracing regulation, applying for a trust license from the New York State Department of Financial Services (NYDFS), and strictly adhering to Wall Street’s compliance standards. The brothers introduced a daily Bitcoin auction mechanism, mimicking Nasdaq-style trading rules, creating a safe environment for institutional investors.

Their roles gradually became clear. Tyler focused on internal operations and strategy, excelling in management and execution. Cameron served as the external spokesperson, often sharing Gemini’s story publicly. Their roles are well-defined and they work in almost instinctive synergy.

Compared to Binance or OKX, Gemini does not pursue rapid expansion. Unlike Coinbase, it lacks the Silicon Valley engineering romance. They are always labeled as “compliance-oriented,” appearing in suits before congressional hearings and media, emphasizing that regulation and legal protections are essential for cryptocurrencies.

Currently, each brother owns more than 5% of Gemini’s shares, with personal net worth reaching $7.5 billion and total assets around $15 billion. Their names are no longer just associated with Zuckerberg’s story; they are deeply connected to the rise of Bitcoin and the emergence of regulated trading platforms.

The Strategic Revival of the Winklevoss Brothers

Once defeated, they turned the tide through a different technological wave. Having lost the benefits of Facebook’s IPO, the Winklevoss brothers are now establishing their position in the new American capital markets through a clear vision and strict regulation compliance in the crypto space. The Gemini listing is not just a comeback of “failures,” but a demonstration of their role as builders of a new era. The next chapter of the Winklevoss brothers is being written on Wall Street.