The cryptocurrency exchange Gemini, co-founded by the infamous Winklevoss twins, is making a bold move. Despite reporting a substantial $282.5 million net loss in the first half of 2025, the company has filed for an initial public offering (IPO) on the Nasdaq. This announcement marks another significant step in the ongoing surge of crypto firms entering the public U.S. markets.
Gemini’s IPO filing reveals a stark financial picture. The exchange’s losses have deepened compared to the previous year, with a net loss of $282.5 million against revenue of $68.6 million for the period ending June 30th. This contrasts with a $41.4 million loss on $74.3 million in revenue during the same period in 2024. While the company hasn’t yet disclosed the offering terms, including valuation and the number of shares to be issued, it’s clear that investors will be closely scrutinizing these details.
The proceeds from the IPO are intended for general corporate purposes and debt repayment. Goldman Sachs and Citigroup are leading the bookrunning efforts for this high-profile offering. Gemini intends to trade under the ticker symbol “GEMI” upon successful listing.
This move by Gemini comes at a time of renewed activity in the U.S. IPO market, following a period of slowdown earlier in the year. Cryptocurrency companies have been particularly active in this rebound, with Circle Internet Group’s IPO and Bullish’s recent market debut. Gemini’s entry would make it the third publicly traded U.S. cryptocurrency exchange, following Coinbase Global Inc.
Established in 2014, Gemini has built a considerable presence in the crypto space. Supporting over 70 cryptocurrencies and operating in more than 60 countries, the platform also boasts its own stablecoin, the Gemini Dollar (GUSD), pegged to the U.S. dollar. This aspect of Gemini’s business is particularly relevant given the recent passage of the GENIUS Act, which aims to create a regulatory framework for stablecoins.
The overall sentiment surrounding the crypto industry has shifted positively, driven by increasing regulatory clarity, substantial ETF inflows, and the growing adoption of digital assets by institutional investors. This positive trend is likely a key factor influencing Gemini’s decision to pursue a public listing at this time. The success of Gemini’s IPO will undoubtedly be a key indicator of investor confidence in the future of the cryptocurrency market.
