Cryptocurrency exchange Gemini has announced its plans to conduct an initial public offering (IPO) on the Nasdaq, confirming the company's intent to enter U.S. public markets.
IPO Plans and Financial Performance
Gemini officially revealed its plans for an IPO on Nasdaq under the ticker GEMI. In the public S-1 filing, the company disclosed its financial information, including that its net loss for the first half of 2025 ballooned to $282.5 million, a significant increase from the $41.4 million loss in the same period in 2024. Adjusted EBITDA dropped from a profit of $32 million to a loss of $113.5 million.
New Corporate Structure
According to the IPO filing, Gemini plans to split its clients between two entities: Gemini Trust in New York and Moonbase in Florida. Moonbase will serve as the primary operating platform, as New York's stricter BitLicense requirements limit access to staking.
Support and Underwriters
The company also disclosed a loan agreement with Ripple, signed in July. The $75 million line, with the possibility of increasing to $150 million, is provided in the RLUSD stablecoin, although no borrowings have been made to date. The share offering is being organized by financial institutions Goldman Sachs, Citi, Morgan Stanley, and Cantor. The target share price has not yet been announced. If the deal proceeds, Gemini would become the third crypto exchange to go public in the U.S., following Coinbase and Bullish.
Gemini's IPO plans and new approach to corporate structure highlight the company's active attempts to navigate challenging regulatory conditions in the U.S. Founders Cameron and Tyler Winklevoss remain key figures in the exchange's pursuit of a successful public market entry.
