Cryptocurrency exchange Gemini has announced plans to conduct an initial public offering (IPO) on the Nasdaq stock exchange under the ticker 'GEMI'.
IPO Plans and Financial Performance
In its filing, Gemini reported a net loss of $282.5 million in the first half of 2025. This figure is significantly higher compared to a $41.4 million loss recorded in the same period last year. The company's adjusted EBITDA also fell from a $32 million profit to a $113.5 million loss in the first half of this year. In 2024, the company's total loss was $158.5 million, with revenue of $142.2 million.
Details on Users and Registration Location
Gemini also stated plans to transfer the majority of its users to a Florida-based entity called 'Moonbase', while the New York-based Gemini Trust will continue operations. New York is known for having strict oversight on crypto companies due to its BitLicense regulations, which is why Gemini only offers staking services in states other than New York.
Loan Agreement with Ripple and Prospects for Gemini
The filing also outlines a loan agreement with Ripple. Under the agreement, Gemini is entitled to a loan of up to $75 million, which can be increased to $150 million, with repayments to be made in Ripple's RLUSD stablecoin. Reportedly, the company has not yet utilized this loan.
If successful, Gemini will become the third cryptocurrency exchange to be publicly traded in the U.S., following Coinbase and Bullish, which recently listed on the New York Stock Exchange.
