Cryptocurrency exchange Gemini has announced its plans for an initial public offering (IPO) in an S-1 filing with the U.S. Securities and Exchange Commission (SEC). The company aims to trade on the Nasdaq stock exchange under the ticker symbol “GEMI.”
According to the information in the filing, Gemini reported a net loss of $282.5 million in the first half of 2025. This figure represents a significant increase compared to the $41.4 million loss recorded in the same period last year. Furthermore, the company’s adjusted EBITDA fell from a $32 million profit in the same period last year to a $113.5 million loss in the first half of this year. In 2024, the company’s total loss was $158.5 million and revenue was $142.2 million.
Goldman Sachs, Citi, Morgan Stanley, and Cantor will serve as lead underwriters for the IPO. The IPO price has not yet been announced.
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Gemini’s filing also stated that the company will transfer the majority of its users to a Florida-based entity called “Moonbase,” while the New York-based Gemini Trust will continue its operations. New York State is known for imposing some of the strictest oversight on crypto companies due to its BitLicense regulations. As a result, Gemini offers staking services in every state in the US except New York.
Another noteworthy detail in the filing is the loan agreement with Ripple. Under the agreement, Gemini will have the right to a loan of up to $75 million. This amount can be increased to $150 million, and payments will be made in Ripple’s RLUSD stablecoin. The company has reportedly not used any of this loan to date.
If the IPO is successful, Gemini will become the third cryptocurrency exchange to be publicly traded in the U.S. Following Coinbase, Bullish, which listed on the New York Stock Exchange (NYSE) this week, also joined the group.
*This is not investment advice.
