Key Highlights:
- Gemini seeks to go public, joining Coinbase and Bullish on US markets.
- 2025’s H1 net loss ballooned to $282.5M—down sharply from 2024.
- New dual-entity structure aims to navigate tough US crypto regulations.
Gemini Unveils Nasdaq IPO Ambitions
Cryptocurrency exchange Gemini has officially revealed plans to hold an initial public offering (IPO) on the Nasdaq exchange under the ticker symbol GEMI. The public S-1 filing, following a confidential June 2025 project, disclosed the company’s financials and details of its corporate structure.
Gemini reported a net loss of $282.5 million for the first half of the year, a significant increase from the $41.4 million loss in the same period in 2024. Adjusted EBITDA dropped from a profit of $32 million to a loss of $113.5 million.
The company ended the entire 2024 year with a loss of $158.5 million on revenue of $142.2 million.
New Structure and Major Backers Shape Gemini’s IPO
According to the IPO filing, Gemini plans to split its clients between two entities: Gemini Trust in New York and Moonbase in Florida. Moonbase will serve as the primary operating platform, since New York’s stricter BitLicense requirements limit access to staking.
Gemini also disclosed a loan agreement with Ripple, signed in July. The $75 million line, with the possibility of increasing to $150 million, is provided in the RLUSD stablecoin, although no borrowings have been made to date.
The share offering is being organized by financial institutions Goldman Sachs, Citi, Morgan Stanley, and Cantor. The IPO’s target share price has not yet been announced.
If the deal proceeds, Gemini would become the third crypto exchange to go public in the U.S., following NYSE-listed Coinbase and Bullish. The company was founded by Cameron and Tyler Winklevoss, known as early investors in Facebook.
