The Winklevoss twins’ net worth has jumped this year, and odds are that it will accelerate after the upcoming Gemini IPO, which is expected to happen in September or October.
Winklevoss Twins Net Worth Rises
Taylor and Cameron Winklevoss have become billionaires by investing in the crypto industry. According to Bloomberg, they are each worth $7.5 billion, making them among the richest individuals in the sector. Forbes places their net worth at $4.3 billion each.
The Winkevoss Twins first made their millions in 2008 when they received $65 million from Facebook. They received $20 million in cash and $45 million in stock.
After that, the two became big crypto investors by buying Bitcoin and starting Gemini, a crypto exchange. They still hold approximately 70,000 Bitcoins, currently valued at over $7.9 billion.
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Gemini IPO to Make Them Richer
The Winklevoss twins will likely become richer once the Gemini IPO completes, since they are the primary owners. This listing comes after the successful Bullish IPO that valued it at over $5 billion.
Gemini is a more popular company than Bullish. In its S1 filing, the company noted that it has 1.5 million lifetime transacting users and has handled over $285 billion in trading volume.
The filing showed that the company’s revenue rose from $98 million in 2023 to $142 million last year. Its net loss stood at $158 million, an improvement from $319 million a year earlier.
Gemini’s revenue in the first six months of the year was $68 million, down from $74.3 million. The net loss jumped to over $282 million, with most of the expenses being salaries and compensation.
Gemini has 523,000 monthly transacting users and processes approximately $25 billion in volume each month.
Its main challenge is that it generates most of its revenue from transactions, making it more vulnerable during a crypto downturn. This is different from Coinbase, which has diversified its business to include services like Base Blockchain, subscriptions, and custody.
In addition to its exchange, Gemini offers a range of services, including credit card, staking, custody, and its stablecoin (GUSD), which has $51 million in assets.
It is still unclear what the Gemini valuation will be during its IPO. It was valued at $7.1 billion in 2021 when it raised $400 million from investors.
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