Winklevoss Twins’ Crypto Exchange Gemini Files for IPO

Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss in 2014, has formally filed for its IPO to list shares on Nasdaq. The S-1 revealed the company will trade under ticker GEMI, joining Coinbase and Bullish as the third US-listed crypto exchange.

Interestingly, Gemini reported $68.6 million in revenue during the first half of 2025 but suffered a net loss of $282.5 million. That figure represents a sixfold increase from losses recorded in the same period last year, underscoring growing financial strain within the firm.

The filing disclosed Gemini will restructure its operations, shifting most users to a Florida-based “Moonbase” unit while keeping Gemini Trust in New York. The maneuver addresses restrictive BitLicense rules in its home state, which bar Gemini from offering staking services available elsewhere nationwide.

In addition, Gemini signed a $75 million credit agreement with Ripple, repayable in RLUSD stablecoin, expandable to $150 million. IPO proceeds are earmarked for repaying debt and general corporate purposes, though Goldman Sachs, Citigroup, Morgan Stanley, and Cantor have yet to set offering terms.

Ronin Network Plans Return to Ethereum as Layer 2

Ronin, the blockchain created for Axie Infinity, announced it will migrate from a standalone chain to an Ethereum Layer 2 network by 2026. The team said Ethereum’s improved scaling, cheaper fees, and rising institutional adoption made returning attractive. Developers outlined a two-phase migration and introduced a Proof-of-Distribution model to redirect staking rewards toward active builders.

Ronin’s new direction expands its scope beyond gaming into DeFi, collectibles, and consumer applications. The network recorded $4.2 billion in NFT trading volume and more than 31 million wallet downloads since launch. Team leaders said aligning with Ethereum’s security and capital base will strengthen Ronin’s ecosystem and provide long-term growth for RON stakers and developers.

Story Protocol Co-Founder Steps Down to Launch New Project

Jason Zhao, co-founder of Story Protocol, said he is stepping back from daily operations to focus on a new AI company. Zhao will remain an adviser as co-founder SY Lee takes over as chief executive, supported by senior leadership. He said his new startup, Poseidon, will apply artificial intelligence to science, biopharma, robotics, and space industries.

Zhao founded Story Protocol in 2021 to make intellectual property programmable onchain and raised over $130 million from investors including a16z. He described the project as the most meaningful experience of his career but said Poseidon reflects his earlier DeepMind research interests. Story’s governance token IP traded at $5.80 following the announcement, rising about two percent on the day.

Treasury Weighs Mandatory Onchain KYC for DeFi

The US Treasury opened consultation on embedding mandatory identity checks into smart contracts. Officials said the review stems from the GENIUS Act, which requires regulators to explore compliance tools like digital IDs, AI monitoring, and API verification. Under the model, a contract would verify a user’s identity before executing a transaction, effectively enforcing KYC and AML obligations directly onchain.

Treasury argued such digital ID systems could cut compliance costs and strengthen protections against laundering or sanctions evasion. Officials acknowledged challenges including privacy risks and balancing innovation with oversight but invited public comment until October 17. After review, Treasury will report to Congress and may propose new rules that mandate KYC enforcement in DeFi protocols.

Data of the Day

Spot Bitcoin and Ether ETFs in the US logged their highest-ever weekly trading volumes, topping $40 billion combined. Analyst Eric Balchunas said Ether funds alone added $17 billion, compressing a year’s worth of activity into six weeks. The surge coincided with Bitcoin hitting $124,000 and Ether reaching $4,784, just below its 2021 record high.

Ether funds also posted net inflows of $1 billion in a single day, marking their strongest month since launch. Bitcoin ETFs similarly hit new records, with analysts comparing Ether’s rally to Bitcoin’s post-ETF performance. Experts said ETFs demand may push ETH toward new highs, though some warned it could take weeks or months to break past the $4,878 mark.

More Breaking News

• Adam Back’s Bitcoin Standard Treasury Co. plans a Nasdaq debut with over 30,000 BTC and $1.5 billion in financing, aiming to surpass MARA’s corporate holdings.
• Hong Kong’s Securities and Futures Commission issued new custody rules for licensed exchanges, requiring stricter cold wallet infrastructure, oversight of third-party wallets.
• The US Federal Reserve shut down its Novel Activities Supervision Program, folding crypto oversight back into standard supervision as regulators continue relaxing digital asset scrutiny.
• Former PumpFun developer Jarett Dunn pleaded guilty to stealing $2 million in Solana, sending funds to random wallets, and now awaits sentencing in London.
• Japan’s Financial Services Agency will approve yen-backed stablecoins this fall, with JPYC leading issuance and potential demand boosting Japanese government bonds in domestic markets.
• Galaxy Digital secured $1.4 billion debt financing to retrofit its Helios mining center for CoreWeave’s AI operations, expecting over $1 billion in annual revenues.
• Illegal crypto mining in Tajikistan and Kazakhstan caused millions in damages from stolen electricity, with authorities uncovering widespread operations tied to Chinese and Russian actors.
• Kraken paused Monero deposits after a 51 percent attack gave a single mining pool majority hashrate control, sparking fears over the network’s transaction security.
• New York lawmaker Phil Steck proposed a 0.2 percent tax on crypto transactions, estimating $158 million annually to fund substance abuse prevention programs.

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