Gemini Files 400 Million Dollar IPO Amid US Market Recovery

Gemini, a well-known cryptocurrency exchange platform, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The company is seeking to raise approximately 400 million dollars through this offering. Based in New York, Gemini is a regulated cryptocurrency exchange that caters to both retail and institutional clients across more than 60 countries. Its services include spot and derivatives trading, staking, over-the-counter trading, asset custody, stablecoin issuance, and other cryptocurrency-related products.

As of June 30, 2025, Gemini reported 523,000 monthly active trading users and 10,000 institutional clients. The platform has managed to accumulate a total of 2,850 billion dollars in trading volume and holds 180 billion dollars in cryptocurrency assets under custody. The company's financial report for the six months ending June 30, 2025, showed total revenue of 68.6 million dollars and a net loss of 282.5 million dollars. In comparison, for the same period in the previous year, the company reported revenue of 74.3 million dollars and a net loss of 41.4 million dollars.

The IPO market in the United States has shown signs of recovery in recent months. The uncertainty surrounding trade policies, which had previously dampened the market, has begun to dissipate, leading to a surge in new listings and investor enthusiasm. Digital asset companies, in particular, have garnered significant attention. The successful IPOs of Circle, a stablecoin issuer, and Bullish, a cryptocurrency exchange, have set a strong precedent for the industry. Following Bullish's listing, Gemini will become the third publicly traded cryptocurrency exchange in the United States.

Gemini plans to use the funds raised from the IPO for general corporate purposes and to repay part of its third-party debt. The platform supports over 70 different 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 increased attention due to the recent enactment of the GENIUS Act, which establishes a regulatory framework for stablecoins.

Gemini was founded in 2014 and intends 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 over the alleged theft of a social networking 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 with the SEC on February 14, 2025.

In the registration documents for the IPO, Gemini stated that the number of shares to be issued and the issue price have not yet been determined. The company expressed optimism about the future of cryptocurrency, stating that it is ushering in a new "golden age" in the financial sector. The founders highlighted that financial markets are moving towards a blockchain-based future, where digital assets are fundamentally changing the way value is traded and stored. They emphasized that Gemini is at the forefront of this cryptocurrency revolution, positioning itself as a "super app" in the digital asset space.