Gemini’s revenue fell and losses widened in the first half of 2025, the cryptocurrency exchange said in a US IPO filing, joining a wave of digital-asset firms seeking to tap public markets.
Terms of the offering were not disclosed in the filing, made public on Friday.
The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier.
US IPO activity has rebounded in recent months following a slowdown earlier this year caused by uncertainty over trade policy changes, with several new listings drawing strong investor demand.
Digital asset companies have also featured prominently in 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 in the country after Coinbase Global. Gemini will become the third public crypto exchange once it goes public.
“The question for investors regarding Gemini revolves around the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they do that Coinbase can’t copy by Tuesday,” said Michael Ashley Schulman, partner and CIO at Running Point Capital.
Gemini said it will use IPO proceeds for general corporate purposes and to repay all or 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 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 company, which also supports more 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 cash 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 first blockchain-focused company to join the S&P 500 earlier this year. Block, which facilitates bitcoin purchases, joined the index in July.
The shift marks a turnaround for an industry that spent more than a decade under heavy regulatory scrutiny worldwide.
“We’ve seen a shift from speculation to sustainability. Institutional investors are looking for proof points – real clients, regulated products, and long-term market alignment. This is how the sector matures, and it will likely set the stage for other crypto firms keen to list their shares,” said Nick Jones, founder of crypto firm Zumo.
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