Gemini Seeks CFTC Approval to Launch Regulated Prediction Market

Gemini applied to the CFTC to launch a regulated prediction market, signaling its latest pivot toward institutional clients as revenue and shares continue to slide.

(Photo of Solen Feyissa on Unsplash)

Posted November 5, 2025 at 8:55 am ET.

Gemini Space Station Inc. submitted approval documents to the U.S. Commodity Futures Trading Commission to launch a federally regulated prediction market under the name Gemini Titan. The exchange seeks to operate a designated contract market for event contracts, according to 13 public documents on the CFTC website.

Bloomberg reported Tuesday that the Winklevoss twins-owned company aims to offer services directly rather than through partnerships. The move positions Gemini against Kalshi and Polymarket as prediction markets reached $2 billion in weekly volume during October’s final week.

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The expansion comes as Gemini struggles financially following its September IPO. Shares have dropped 49% since debuting at $32, closing at $16.29 on Tuesday. The company posted a $282 million loss in the first half of 2025, nearly double its $158 million deficit for all of 2024.

Revenue declined to $68.6 million from $74.3 million year-over-year. More than 80% of trading volume now comes from institutional clients rather than retail users.