Crypto exchange Gemini has taken a major step toward going public, publishing its S-1 registration statement on Friday. The filing reveals the firm’s plans to list its shares on the Nasdaq under the ticker GEMI, marking another high-profile entry into the 2025 IPO market. A draft version of the registration was confidentially submitted earlier in June.
According to the filing, Gemini has appointed Goldman Sachs, Citi, Morgan Stanley, and Cantor Fitzgerald as the lead underwriters overseeing the offering. However, the IPO price has not yet been disclosed.
Financial Performance Shows Challenges
The S-1 details financial figures that highlight increased pressures on the exchange. Gemini reported a net loss of $282.5 million in the first half of 2025, a sharp rise from the $41.4 million loss recorded in the same period in 2024. Adjusted EBITDA also swung from a $32 million profit last year to a $113.5 million loss in the first half of this year. In 2024, the firm posted a net loss of $158.5 million on $142.2 million in revenue.
These numbers suggest that despite growth in the crypto market, Gemini faces significant operational and market challenges as it prepares to go public.
Strategic Changes and Expansion
Gemini plans to move most of its users to a Florida-based entity named “Moonbase,” while Gemini Trust will remain headquartered in New York State. This move comes amid New York’s historically stringent crypto regulations under its BitLicense, which have restricted Gemini from offering staking services to New York residents despite its U.S.-wide operations elsewhere.
Additionally, the S-1 reveals a new credit facility with Ripple, offering up to $75 million—scalable to $150 million—drawn in Ripple’s RLUSD stablecoin once the initial commitment is surpassed. No funds have been drawn under this facility so far.
Gemini’s Place in the U.S. Crypto Market
If the IPO proceeds successfully, Gemini would become the third publicly traded crypto exchange in the United States, joining Coinbase and Bullish, which debuted on the NYSE this week. Founded by twin brothers Cameron and Tyler Winklevoss, Gemini is widely recognized for its early involvement in Facebook and its significant role in shaping the crypto exchange landscape.
The IPO represents a major milestone for Gemini and a growing trend of crypto companies seeking public market funding amid volatile market conditions. Investors will be watching closely to see how Gemini’s financial performance and strategic positioning translate into market confidence.
