Gemini’s revenue fell and losses widened in the primary half of 2025, the cryptocurrency exchange said in a US IPO filing, joining a wave of digital-asset firms in search of to tap public markets.
Terms of the offering weren’t disclosed within the filing, made public on Friday.
The corporate reported a net lack of $282.5 million on a complete revenue of $68.6 million within the six months ended June 30, compared with a net lack of $41.4 million on a revenue of $74.3 million 12 months earlier.
US IPO activity has rebounded in recent months following a slowdown earlier this 12 months brought on by uncertainty over trade policy changes, with several recent listings drawing strong investor demand.
Digital asset corporations have also featured prominently within the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle and cryptocurrency exchange Bullish.
Bullish’s debut on Wednesday made it the second listed cryptocurrency exchange within the country after Coinbase Global. Gemini will develop into the third public crypto exchange once it goes public.
“The query for investors regarding Gemini revolves across the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they try this Coinbase can’t copy by Tuesday,” said Michael Ashley Schulman, partner and CIO at Running Point Capital.
Gemini said it’s going to use IPO proceeds for general corporate purposes and to repay all or a part of its third-party debt.
The exchange also supports stablecoins on its platform, a segment that has drawn attention following last month’s signing of the GENIUS Act, a brand new US law establishing a regulatory framework for stablecoins.
Gemini issues the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the US dollar.
The corporate, which also supports greater than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June.
Gemini, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol “GEMI.” Goldman Sachs and Citigroup are acting as lead bookrunners.
The Winklevoss twins rose to prominence after suing Facebook, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for money and Facebook stock.
Regulatory boost
Regulatory clarity under the Trump administration, rising institutional adoption, and increasing ETF inflows have bolstered investor confidence and helped integrate crypto into mainstream finance.
In a watershed moment for the industry, Coinbase became the primary blockchain-focused company to affix the S&P 500 earlier this 12 months. Block, which facilitates bitcoin purchases, joined the index in July.
The shift marks a turnaround for an industry that spent greater than a decade under heavy regulatory scrutiny worldwide.
“We’ve seen a shift from speculation to sustainability. Institutional investors are searching for proof points – real clients, regulated products, and long-term market alignment. That is how the sector matures, and it’s going to likely set the stage for other crypto firms keen to list their shares,” said Nick Jones, founding father of crypto firm Zumo.
Gemini’s revenue fell and losses widened in the primary half of 2025, the cryptocurrency exchange said in a US IPO filing, joining a wave of digital-asset firms in search of to tap public markets.
Terms of the offering weren’t disclosed within the filing, made public on Friday.
The corporate reported a net lack of $282.5 million on a complete revenue of $68.6 million within the six months ended June 30, compared with a net lack of $41.4 million on a revenue of $74.3 million 12 months earlier.
US IPO activity has rebounded in recent months following a slowdown earlier this 12 months brought on by uncertainty over trade policy changes, with several recent listings drawing strong investor demand.
Digital asset corporations have also featured prominently within the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle and cryptocurrency exchange Bullish.
Bullish’s debut on Wednesday made it the second listed cryptocurrency exchange within the country after Coinbase Global. Gemini will develop into the third public crypto exchange once it goes public.
“The query for investors regarding Gemini revolves across the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they try this Coinbase can’t copy by Tuesday,” said Michael Ashley Schulman, partner and CIO at Running Point Capital.
Gemini said it’s going to use IPO proceeds for general corporate purposes and to repay all or a part of its third-party debt.
The exchange also supports stablecoins on its platform, a segment that has drawn attention following last month’s signing of the GENIUS Act, a brand new US law establishing a regulatory framework for stablecoins.
Gemini issues the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the US dollar.
The corporate, which also supports greater than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June.
Gemini, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol “GEMI.” Goldman Sachs and Citigroup are acting as lead bookrunners.
The Winklevoss twins rose to prominence after suing Facebook, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for money and Facebook stock.
Regulatory boost
Regulatory clarity under the Trump administration, rising institutional adoption, and increasing ETF inflows have bolstered investor confidence and helped integrate crypto into mainstream finance.
In a watershed moment for the industry, Coinbase became the primary blockchain-focused company to affix the S&P 500 earlier this 12 months. Block, which facilitates bitcoin purchases, joined the index in July.
The shift marks a turnaround for an industry that spent greater than a decade under heavy regulatory scrutiny worldwide.
“We’ve seen a shift from speculation to sustainability. Institutional investors are searching for proof points – real clients, regulated products, and long-term market alignment. That is how the sector matures, and it’s going to likely set the stage for other crypto firms keen to list their shares,” said Nick Jones, founding father of crypto firm Zumo.
