Gemini Files for Nasdaq IPO Amid 150% Revenue Drop

GEM's latest price was $0.00003348, up 0.655% in the last 24 hours. Gemini, a U.S.-based cryptocurrency platform, has taken a significant step by filing for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. Founded by Cameron and Tyler Winklevoss, the company aims to list its Class A common stock on the Nasdaq Global Select Market under the symbol “GEMI.” The process began with a confidential draft filing in June.

Gemini’s IPO submission unveiled a dual-class share strategy. Class A shareholders receive one vote per share, whereas Class B shares, retained solely by the founders and their affiliates, come with ten votes each. The dual-class system solidifies the founders’ dominance within the company, aligning with Nasdaq’s “controlled company” classification.

Prominent financial entities, including Goldman Sachs, Morgan Stanley, and Citigroup, are participating in the offering. The exchange markets itself as a secure and accessible platform for digital assets. It reportedly hosts over 500,000 monthly active users and collaborates with approximately 10,000 institutions in more than 60 countries.

Gemini’s financial records indicate notable obstacles. The company experienced a revenue of $142.2 million in 2024, while the net loss stood at $158.5 million. In the first half of 2025, revenue dropped to $67.9 million, with an increased net loss of $282.5 million. This pattern highlights the scaling issues Gemini is confronting and its reliance on the upcoming IPO to potentially secure new capital. Furthermore, financial ties have been established with Ripple and others.

Gemini has accessed a $75 million credit line from Ripple, extendable to $150 million, albeit currently unused. The firm has also borrowed from Winklevoss Capital Fund (WCF) before, using 133,430 ETH and 10,051 BTC for varied operational purposes. By June 30, 2025, Gemini was obligated to repay 39,699 ETH and 4,682 BTC to WCF, with interest rates between 4% to 8% annually. Winklevoss Capital Fund is notably the family fund of the company’s founders.

Gemini’s bold move towards going public underlines its intent to navigate financial challenges while capitalizing on emerging opportunities in the cryptocurrency space. Such strategic maneuvers may help reinforce its position as a key player in the evolving digital asset landscape.

Gemini has launched a self-custody wallet with Web3 and passkey support, simplifying on-chain use for users and developers. The company unveiled the Gemini Wallet, a self-custody smart wallet designed to make on-chain interactions simpler. This wallet is also focused on the regular user, as well as the developer, and strives to improve their experience of using cryptocurrencies.

The Gemini Wallet is provided with new functionality to enhance usability. It facilitates Web3 technology; hence, it enables easy access to decentralized applications. Additionally, the wallet has passkeys, which provide easy and safe logging in, eliminating the use of complex recovery phrases. The strategy enables newcomers in the crypto world to join conveniently. In addition, the wallet has a portable and embedded design, which offers flexibility to be usable on different platforms.

Gemini also introduced the Gemini Onchain Dashboard, in addition to the wallet. It is a browser-based application that can serve as the hub of crypto assets. They can monitor their holdings, test innovative decentralized applications, and gain returns via DeFi vaults. In addition, it interacts well with a Gemini account, which enhances the experience.

Among these outstanding features is the reimbursement of gas charges. Gemini partners with networks such as Arbitrum, Polygon, Optimism, and Base to subsidize the transaction costs to cover the initial costs of transactions. This eradicates one of the most frequent barriers for new users. Also, all wallet users are given a free subdomain name of the ENS, e.g., satoshi.gemini.eth, and this gives a personal touch. The wallet will later this year integrate with the Gemini trading platform to facilitate smooth transactions of crypto.

The wallet also prioritizes security and convenience. Gemini has collaborated with Blockaid to guard users against possible fraud and swindling. This partnership makes sure that robust on-chain security is present. Moreover, WalletConnect provides convenient access both between apps and desktops and connects the wallet to the wider Web3. Bungee is a cross-chain, on-chain liquidity marketplace that enables seamless swaps across blockchains and has passed over 20 billion in volume.

To people interested in reward opportunities, Morpho offers access to curated DeFi vaults on Arbitrum. The user is able to deposit the assets and begin to generate returns as soon as possible and can withdraw the money at any time. This is an attractive aspect to investors seeking a passive income. Also, the wallet is attractive at its early stages due to the low gas fees of network partners.

The launch will solve one of the major issues in the crypto sector. Gemini sees the next billion users attainable through smart wallets with passkeys. This approach makes the process easier, and it does not involve downloading apps and creating recovery phrases as before. Consequently, the wallet becomes part of the background, and there is a tap-to-use experience. This is perceived by the company as a major development, just like the transition from using old technology to new internet facilities.

To sum up, the new wallet of Gemini wallet will be a significant milestone in making crypto accessible. The wallet has Web3 support, passkey logins, and effective partnerships. The innovation has the potential to determine the future of self-custody wallets in the industry.

Gemini has announced its intent to list on Nasdaq under the ticker GEMI, also detailing a strategic operational shift and increased losses as of August 2025. The IPO, amidst widened losses and strategic shifts, symbolizes institutional crypto endorsement and could influence major assets through market sentiment and liquidity dynamics.

Gemini’s Nasdaq IPO represents a pivotal move in cryptocurrency finance, influencing market stability and institutional investment. The IPO is expected to enhance market liquidity and attract significant interest in crypto trading, as institutional support grows. The operational shift to a Florida-based entity is designed to optimize regulatory compliance, leaving Gemini Trust operational in New York for transactions requiring BitLicense oversight.

Gemini’s move follows Coinbase’s market debut, which significantly influenced the crypto market landscape by legitimizing crypto equities. The operational changes and IPO could potentially mirror historical market liquidity increases, affecting core assets, based on past data trends.

Gemini has more than half a million monthly active users and close to 10,000 financial institutions spread in more than 60 countries, indicating its robust retail and institutional presence. The exchange has done lifetime deal trades of more than $285 billion signaling a significant market value and interest. Long-term strategic direction is assured with the Winklevoss twins having 70% of the votes by holding widespread Class B shares.