Gemini's IPO filing reveals $282.5 million loss, plans to list on Nasdaq under ticker symbol "GEMI"

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, filed to go public on Nasdaq despite a $282.5 million net loss in the first half of 2025. The listing comes as U.S. IPO activity rebounds, with crypto firms like Circle Internet Group and Bullish going public earlier this month. Proceeds from the IPO will go toward general corporate purposes and debt repayment. Gemini supports over 70 cryptocurrencies and operates in more than 60 countries, including issuing the Gemini Dollar (GUSD) stablecoin.

Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, has filed to go public on Nasdaq despite reporting a net loss of $282.5 million in the first half of 2025. The filing, which was made public on August 15, comes as U.S. IPO activity rebounds, with other crypto firms like Circle Internet Group and Bullish going public earlier this month [2]. The Winklevoss twins' company plans to list on Nasdaq under the ticker symbol GEMI, with Goldman Sachs and Citigroup acting as lead bookrunners [3].

Gemini's regulatory filing reveals that the company's revenue fell to $68.6 million in the six months ended June 30, compared to $74.3 million in the same period the year prior. This decline, coupled with a net loss of $282.5 million, indicates a significant financial strain [3]. The company has also transitioned most of its users to a Florida-based entity, known as "Moonbase," to potentially ease regulatory pressures from New York State [1].

Proceeds from the IPO will be used for general corporate purposes and debt repayment. Gemini supports over 70 cryptocurrencies and operates in over 60 countries, including issuing the Gemini Dollar (GUSD) stablecoin. The company's revenue is primarily generated through trading fees, with other products such as staking and a credit card contributing to its income [2].

Despite facing legal issues in the past, including a lawsuit from the U.S. Securities and Exchange Commission and a settlement with the Commodity Futures Trading Commission, Gemini remains a significant player in the cryptocurrency exchange market [2]. If successful, the IPO will make Gemini the third publicly-traded crypto exchange in the U.S., following Coinbase and Bullish [1].

References:
[1] https://www.tradingview.com/news/the_block:950c83f7d094b:0-gemini-ipo-filing-exchange-targets-nasdaq-as-gemi-reveals-dip-in-revenue/
[2] https://www.cryptotimes.io/2025/08/16/winklevoss-twins-gemini-files-for-nasdaq-ipo/
[3] https://www.reuters.com/business/finance/crypto-exchange-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/