Gemini Files IPO on Nasdaq Amid $282.5M Net Loss and Ripple Credit Deal

Gemini Trust has filed for an initial public offering (IPO) on Nasdaq under the ticker symbol GEMI, revealing a $282.5 million net loss for the first half of 2025. The filing submitted on August 15 to the U.S. Securities and Exchange Commission (SEC) also disclosed a $75 million credit agreement with Ripple Labs, which allows lending requests of at least $5 million each and up to a total commitment of $75 million. The agreement also permits potential increases up to $150 million and the use of Ripple’s USD-denominated RLUSD stablecoin for lending once the initial commitment threshold is met [1].

The losses represent a significant increase from the $41.4 million net loss reported in the first half of 2024. Gemini generated $67.9 million in total revenue for the six months ending June 30, 2025, down from $74.3 million in the same period of 2024. For the full year of 2024, the company reported a net loss of $158.5 million on $142.2 million in revenue [1].

The filing comes as part of a broader trend of crypto companies pursuing public market listings, especially following the election of U.S. President Donald Trump, who has signaled a more favorable regulatory environment for the crypto industry. Bitwise’s chief investment officer, Matthew Hougan, had anticipated this trend as early as December 2024, calling 2025 the “Year of the Crypto IPO” and identifying at least five crypto unicorns expected to go public in the U.S. Hougan and his colleague Ryan Rasmussen highlighted growing institutional adoption, investor demand, and a warmer political environment as key drivers of the trend [1].

Gemini’s IPO filing positions it as the third potential U.S.-based crypto exchange to pursue a public listing after Coinbase and Bullish. The company plans to operate through a dual-entity structure, separating operations between New York-based Gemini Trust and Florida-based Moonbase. The Moonbase entity will serve most users, enabling the company to sidestep New York’s restrictive BitLicense regulations and continue offering staking services [1].

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are serving as lead bookrunners for the offering. While the terms of the IPO have not been disclosed, the completion of the offering will depend on SEC approval and prevailing market conditions [1].

The momentum behind crypto IPOs reflects broader institutional confidence in the sector’s regulatory outlook under the Trump administration. Hougan emphasized that the pro-crypto stance of the current administration has created unprecedented opportunities for digital asset companies to access traditional capital markets. He described 2025 as a “warmer political environment” for crypto IPOs compared to previous years [1].

Gemini’s financial challenges and strategic partnerships underscore the broader pressures and opportunities facing the crypto industry. Despite the $282.5 million net loss in the first half of 2025, the company is leveraging high-profile partnerships and regulatory flexibility to navigate a competitive and evolving market landscape [1].

Source: [1] Gemini IPO filing reveals Ripple credit deal, $282M net loss in 2025 (https://cryptoslate.com/gemini-ipo-filing-reveals-ripple-credit-deal-282m-net-loss-in-2025/)