Cryptocurrency firms continue to capture attention in the IPO landscape. One of these, Gemini, has recently filed for an IPO on Nasdaq amid a range of financial challenges.
Gemini's Losses in H1 2025
Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss in 2014, has filed for an IPO planning to list on Nasdaq under the ticker ‘GEMI’. In its filing, the company reported a net loss of $282.5 million on revenues of $68.6 million for the first half of 2025. This contrasts with a loss of $41.4 million on $74.3 million in revenue for the same period last year.
Strategy and International Ambitions
Gemini is not limited to the U.S. market. The exchange supports over 70 cryptocurrencies and operates in 60 countries. Additionally, the company is expanding its offerings by launching tokenized stocks, which became possible after its June debut of tokenized products in the EU market. This allows access to equities from companies like Nike, McDonald's, and Uber.
Support for Stablecoins and New Financial Instruments
Gemini is also actively involved in the stablecoin segment, which has gained prominence following the passage of the GENIUS Act, providing a federal framework for such tokens. The exchange issues the Gemini Dollar (GUSD), which is pegged to the U.S. dollar at a 1:1 ratio. Proceeds from the IPO will be used for general operations and debt repayment.
Despite financial difficulties, Gemini continues to expand in international markets and launch new services, which may help the company overcome current challenges.
