Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, has filed its S-1 with the SEC for a Nasdaq IPO. This event raises mixed feelings amid financial losses and market volatility.
IPO in the Context of the 2025 Crypto Boom
Gemini officially crossed the IPO threshold by releasing its S-1 form on Friday, two months after confidentially filing with the SEC. This puts Gemini alongside recent major crypto players aiming for a US listing, following Coinbase and the success of Bullish.
This move is backed by a particularly favorable regulatory environment: since Donald Trump's return to the White House, the SEC has dropped nearly all lawsuits against crypto companies, and the GENIUS Act on stablecoins has created clearer conditions for the sector. This crypto-friendly administration policy provides exchanges with unprecedented opportunities to access public markets.
Financial Results Raise Questions
The submitted documents reveal a more delicate financial situation than the general enthusiasm for crypto IPOs suggests. Gemini reports a net loss of $282.5 million for the first half of 2025, compared to only $41.3 million over the same period in 2024. This dramatic deterioration, a sevenfold increase in losses, raises questions about the company's operational trajectory.
The operating result, which reflects activity performance before financial charges and amortizations, confirms this trend. The metric went from a profit of $32 million in the first half of 2024 to a loss of $113.5 million over the first six months of 2025. These results contrast with the positive momentum of the crypto market, as Gemini's inability to capitalize on this excitement raises concerns.
A Bet on the Future Despite Uncertainties
The credit agreement with Ripple concluded in July 2025 illustrates Gemini’s diversification strategy. The $75 million facility, extendable to $150 million, will be denominated in RLUSD, Ripple’s stablecoin. No drawdowns have been made yet, but this partnership demonstrates the desire to broaden service offerings beyond simple trading.
Gemini’s IPO is part of a broader dynamic of institutionalizing the crypto sector. OKX, Grayscale, and Kraken have also signaled their intention to go public. This race for IPOs reflects the growing maturity of an ecosystem long confined to private markets.
The Winklevoss brothers, known for their investments in Bitcoin, are aiming to leverage this IPO opportunity despite disappointing financial results. The primary challenge for Gemini will be demonstrating its ability to turn the current crypto market excitement into sustainable and profitable growth.
