Gemini Files 400M IPO, Aims to Become Third Public Crypto Exchange

Gemini, a regulated cryptocurrency exchange based in New York, has submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC). The company aims to raise approximately 400 million dollars through this offering. Gemini provides a range of services, including spot and derivatives trading, staking, over-the-counter trading, asset custody, stablecoin issuance, and other cryptocurrency-related products. As of June 30, 2025, Gemini boasts 523,000 monthly active trading users, 10,000 institutional clients, and manages 180 billion dollars in cryptocurrency assets. The platform has facilitated a cumulative trading volume exceeding 2,850 billion dollars.

The financial reports indicate that Gemini generated 68.6 million dollars in total revenue for the six months ending June 30, 2025, with a net loss of 2.825 billion dollars. In comparison, the company reported 74.3 million dollars in revenue and a net loss of 41.4 million dollars for the same period in the previous year.

The IPO market in the United States has shown signs of recovery recently. The previous sluggishness, caused by uncertainties in trade policies, has begun to dissipate, and several new listings have garnered significant investor interest. Digital asset companies, in particular, have made notable debuts, with Circle, a stablecoin issuer, and Bullish, a cryptocurrency exchange, standing out. Following Bullish's successful listing last Wednesday, it became the second publicly traded cryptocurrency exchange in the U.S. after Coinbase Global. Gemini's upcoming IPO is set to make it the third public company in the industry.

Investors are particularly focused on Gemini's business model and competitive advantages. Key areas of interest include the synergy between its trading and custody services, the trust framework it has built, its growth strategies, and how it differentiates itself from competitors like Coinbase. The funds raised from the IPO will be used for general corporate purposes and to repay some third-party debts. Gemini supports over 70 cryptocurrencies and operates in more than 60 countries. Its stablecoin, Gemini Dollar (GUSD), which is pegged 1:1 to the U.S. dollar, has gained attention due to the recent enactment of the GENIUS Act, which establishes a regulatory framework for stablecoins.

Gemini was founded in 2014 and plans to list on the Nasdaq under the ticker symbol "GEMI." The company's founders are known for their legal battle with Facebook and its CEO, Mark Zuckerberg, over the alleged theft of a social network idea, which resulted in a settlement involving cash and stock compensation in 2008. The IPO is being underwritten by several top-tier investment banks, including Goldman Sachs, Citigroup, Morgan Stanley, Cantor Fitzgerald, Evercore ISI, Nomura Securities, Truist Securities, Cohen & Company Securities, Keefe Bruyette Woods, Needham & Co., and Rosenblatt Securities. Specific pricing terms have not yet been disclosed. Gemini had previously filed a confidential IPO application on February 14, 2025.