Gemini Files Nasdaq IPO Despite $282.5M Net Loss in 2025

Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has filed for a Nasdaq listing under the ticker symbol GEMI, despite reporting significant financial losses in recent years [1]. The move, led by underwriters Goldman Sachs and Morgan Stanley, marks a pivotal moment for the company as it seeks to raise capital and strengthen its balance sheet amid ongoing challenges in the crypto sector [2]. The exchange’s S-1 filing confirms that the Winklevoss twins will retain control through their ownership of Class B shares [3].

The decision to pursue a public listing comes as the crypto market experiences a resurgence, with increased trading volumes and regulatory clarity emerging as key factors [4]. However, Gemini’s financial performance remains a point of concern. In the first half of 2025, the firm recorded a net loss of $282.5 million, a sharp increase from a $41.4 million loss in the same period in 2024 [2]. These figures highlight the sector’s volatility and the challenges crypto firms face in achieving sustained profitability. Despite these losses, Gemini remains committed to regulatory compliance and transparency, with Cameron Winklevoss stating the firm’s focus remains on meeting regulatory expectations [3].

The IPO filing also reflects broader institutional confidence in the crypto space, despite the firm’s financial struggles. Major investment banks have expressed support for the offering, indicating that Gemini may still attract investor interest even amid its current losses [5]. Analysts suggest that the success of the IPO could depend on the broader market’s appetite for crypto-related investments and whether investors are willing to bet on long-term growth rather than short-term performance [7].

Gemini’s move follows a pattern seen in other crypto firms, such as Coinbase and Circle, which have also pursued traditional market listings amid a shift in regulatory and investor sentiment [6]. The Winklevoss twins, who have maintained a dominant role at Gemini since its founding in 2014, are now positioning the company for greater visibility in the public markets. Their combined net worth of $15 billion and ownership stakes of over 5% further underscore their continued stake in the firm’s future [5].

The listing could also bring renewed attention to Gemini’s stablecoin, GUSD, and its broader influence on the digital asset ecosystem. While the firm’s financial performance remains under scrutiny, its regulatory approach and institutional backing suggest that it is attempting to bridge the gap between traditional finance and the crypto industry. Whether the IPO ultimately proves successful will depend on a range of factors, including market conditions, investor confidence, and Gemini’s ability to demonstrate sustainable growth in the months and years ahead.

Source:

[1] Gemini Files for Nasdaq IPO as Crypto Firms Enter... (https://www.ainvest.com/news/gemini-files-nasdaq-ipo-crypto-firms-enter-traditional-markets-2508/)

[2] Gemini makes IPO filing public, plans Nasdaq listing under... (https://cryptobriefing.com/gemini-us-ipo-filing-public/)

[3] Winklevoss' Gemini Files for Nasdaq IPO Amid Crypto Surge (https://www.webpronews.com/winklevoss-gemini-files-for-nasdaq-ipo-amid-crypto-surge/)

[4] Crypto Exchange Gemini Files for Nasdaq IPO with Ticker... (https://coincentral.com/crypto-exchange-gemini-files-for-nasdaq-ipo-with-ticker-gemi/)

[5] Gemini's IPO Filing Unfolds: Winklevoss Twins Lead Charge (https://kanalcoin.com/gemini-winklevoss-ipo-nasdaq/)

[6] US crypto firm Gemini files for Nasdaq IPO (https://www.techinasia.com/news/us-crypto-firm-gemini-files-for-nasdaq-ipo)