Gemini Exchange Files for IPO, Seeks Nasdaq Listing to Raise up to $400 Million

Gemini Exchange, founded by Cameron and Tyler Winklevoss, has filed for a US IPO and plans to list on Nasdaq under the ticker symbol "GEMI". The company aims to raise up to $400 million and expand its platform. Gemini reported 523,000 monthly transacting users, $24.8 billion in trading volume, and $18.2 billion in assets in H1 2025. Despite a net loss of $282.5 million in the first half of 2025, Gemini's revenue grew 45% YoY to $142.2 million in 2024. The IPO marks a pivotal moment for Gemini, providing fresh capital and increased transparency and credibility.

Gemini Exchange, co-founded by Cameron and Tyler Winklevoss, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), aiming to list on the Nasdaq under the ticker symbol "GEMI." The company seeks to raise up to $400 million to expand its platform and operations [1].

Gemini reported significant financial metrics in the first half of 2025, including 523,000 monthly transacting users, $24.8 billion in trading volume, and $18.2 billion in assets under management [1]. Despite a net loss of $282.5 million in the first half of 2025, the company's revenue grew by 45% year-over-year to $142.2 million in 2024 [3]. The IPO filing indicates that the company plans to use the proceeds to repay third-party debt, underscoring its focus on long-term stability and operational restructuring [7].

The IPO marks a pivotal moment for Gemini, providing fresh capital and increased transparency and credibility. The company aims to enhance its institutional credibility by listing on the Nasdaq, a significant step for the crypto sector [2]. The listing follows a surge in high-profile crypto IPOs, including Circle Internet Financial and Bullish, which have seen significant market interest and growth [9].

Gemini has faced regulatory challenges in the past, including disputes with the SEC and CFTC. However, the company has demonstrated a commitment to compliance and security, positioning it as a key player in the evolving digital asset landscape [10]. The Winklevoss twins, who hold significant stakes in Gemini, have played a central role in the company's evolution, with Tyler Winklevoss expressing optimism about the IPO as a milestone in the company's mission to empower individuals through cryptocurrency [4].

The outcome of Gemini's Nasdaq listing could influence broader investor sentiment and set a precedent for other crypto firms considering public market entry. As the crypto industry continues to navigate regulatory uncertainty and market volatility, Gemini's IPO represents a strategic shift toward institutional credibility and financial resilience [1].

References:
[1] Gemini makes IPO filing public, plans Nasdaq listing under GEMI (https://cryptobriefing.com/gemini-us-ipo-filing-public/)
[2] Winklevoss' Gemini Files for IPO as Crypto Listings Accelerate (https://www.bloomberg.com/news/articles/2025-08-15/winklevoss-gemini-files-for-ipo-as-crypto-listings-accelerate)
[3] Winklevoss twins' Gemini reveals lower revenue and wider loss (https://www.reuters.com/business/finance/winklevoss-twins-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/)
[4] Gemini IPO filing: exchange targets Nasdaq as GEMI (https://www.theblock.co/post/367160/gemini-ipo-filing-exchange-targets-nasdaq-as-gemi-reveals-dip-in-revenue)
[5] Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom (https://decrypt.co/335554/gemini-plans-go-public-nasdaq-crypto-ipos-boom)
[6] Gemini IPO filing reveals financials for H1 2025 (https://finance.yahoo.com/news/crypto-exchange-gemini-makes-us-211653335.html)
[7] Winklevoss twins' crypto company Gemini files for IPO (https://techcrunch.com/2025/08/15/winklevoss-twins-crypto-company-gemini-files-for-ipo/)
[8] Legal Issue with U.S Regulators (from provided news content)
[9] Winklevoss twins' Gemini reveals lower revenue and wider loss (https://www.reuters.com/business/finance/winklevoss-twins-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/)
[10] Legal Issue with U.S Regulators (from provided news content)