Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has officially filed for an initial public offering (IPO) and intends to list on the Nasdaq Global Select Market under the ticker symbol "GEMI". The filing with the U.S. Securities and Exchange Commission (SEC) marks a significant step for Gemini, aiming to become the third publicly-traded crypto exchange in the United States, following Coinbase and Bullish.
Founded in 2014, Gemini offers crypto products and services in over 60 countries worldwide. These include spot and derivatives trading, custody services, staking, OTC trading, a stablecoin (Gemini Dollar - GUSD), and a crypto-rewards credit card. As of June 30, 2025, Gemini reported 14.6 million verified users and $12 billion in assets under custody. The company manages over $18 billion in assets.
While the IPO is anticipated to enhance Gemini's institutional credibility and capitalize on renewed investor interest in digital assets, the company's financial performance reveals some challenges. The S-1 filing shows a widening net loss, with $282.5 million on $67.9 million in revenue for the first half of 2025. This is a significant increase compared to a net loss of $41.4 million on a revenue of $74.3 million during the same period in 2024. The adjusted EBITDA also dropped from earnings of $32 million to a loss of $113.5 million in the first half of 2025. Furthermore, the company's liquidity has tightened, with cash and cash equivalents falling from $341.5 million at the end of 2024 to $161.9 million by mid-2025.
In a strategic move to navigate regulatory challenges, Gemini plans to transition most of its users to a new Florida-based entity called “Moonbase”. This decision aims to provide more flexibility in its offerings and regulatory compliance, especially given the limitations the exchange has faced in New York. Gemini has been unable to offer staking services in New York, unlike some other U.S. states. The separation of users into two entities—Gemini Trust in New York and Moonbase in Florida—reflects the firm's strategy to reduce regulatory friction while continuing its expansion.
The IPO is led by major banks, including Goldman Sachs and Citigroup. Morgan Stanley and Cantor are also participating. The offering will introduce a dual-class share structure, featuring Class A stock with one vote per share and Class B stock with ten votes. The Winklevoss twins will retain all Class B shares, ensuring majority voting control and qualifying Gemini as a “controlled company” under Nasdaq rules.
The number of shares to be offered and the price range have not yet been determined, and the listing process depends on market and other conditions. Some estimations suggest the IPO could potentially raise $400 million. Recent IPOs from other crypto companies, such as Circle and Bullish, have demonstrated significant investor interest, indicating a potentially favorable environment for Gemini's public market debut. Circle went public in June with a $1.2 billion IPO, surging 168% on its first trading day, while crypto exchange Bullish jumped 84% after raising $1.1 billion.
