Winklevoss twins raise $433M despite losing $282M - here's why investors are cheering
Key Points
- Gemini, the crypto exchange founded by the Winklevoss twins,...
The Winklevoss twins just pulled off something that would make even the most creative accountant jealous: they convinced investors to value their crypto exchange at over $3 billion while posting losses that would make a startup founder break into cold sweats. Gemini's IPO filing shows they lost $282.5 million in the first half of 2025 alone - that's nearly seven times worse than their $41.4 million loss from the same period last year. Yet somehow, they're planning to raise $433 million by pricing shares between $24 and $26.
Welcome to 2025, where losing money faster than a Vegas weekend appar...
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