Gemini Files Nasdaq IPO Despite 238.5% Surge in 2025 Net Loss

Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, has filed for an initial public offering (IPO) on the Nasdaq Global Select Market under the ticker GEMI, despite posting a staggering $282.5 million net loss in the first half of 2025. The firm, which has been a key player in the crypto industry since its founding in 2014, is betting on a favorable regulatory environment and growing investor appetite for digital assets to drive its public market debut [1][2].

The IPO filing reveals a sharp decline in Gemini’s financial performance. The company reported $67.9 million in revenue for the first half of 2025, a significant drop compared to $142.2 million in 2024, while net losses more than doubled to $282.5 million from $158.5 million in the previous year. Cash reserves also fell to $161.9 million by mid-2025, down from $341.5 million at the end of 2024 [3]. Despite these setbacks, the Winklevoss brothers remain optimistic about the long-term potential of crypto and the firm’s ability to scale through innovation and product expansion.

Wall Street heavyweights, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald, are leading the IPO underwriting, signaling strong institutional support. The filing follows successful crypto IPOs by firms such as Circle and Bullish, which saw significant gains on their debut days [4]. However, unlike these firms, Gemini has not disclosed the number of shares to be offered, the expected price range, or the IPO timeline, leaving key details uncertain [5].

The Winklevoss twins have publicly criticized traditional financial institutions, including JPMorgan Chase, for their treatment of crypto firms. Tyler Winklevoss recently claimed that JPMorgan halted Gemini’s re-onboarding process after he voiced concerns over the bank’s new data access policies. The issue highlights the ongoing tension between traditional finance and the crypto industry, even as regulatory tailwinds from the Trump administration begin to shift in favor of digital assets [6].

The timing of Gemini’s IPO aligns with broader policy developments that could reshape the crypto landscape. President Trump’s executive order removing barriers to including cryptocurrencies in retirement plans, coupled with the nomination of digital asset advocate Stephen Miran to the Federal Reserve Board, has created a more supportive environment for crypto firms seeking public market access [7]. Additionally, the administration has moved to curb “debanking” practices that have historically limited crypto firms’ access to traditional banking services.

Gemini’s decision to go public despite significant losses underscores the Winklevoss strategy of leveraging long-term market potential over short-term profitability. While the IPO could help the firm reduce debt and fund future growth, it also raises questions about its ability to attract sufficient investor confidence amid a broader market slowdown [8]. The success of the offering will depend on both the firm’s ability to execute its growth plans and the continued positive momentum in the crypto sector.

Source:

[1] Gemini IPO: Losses mount, Winklevii bet on public markets (https://crypto.news/gemini-ipo-gamble-losses-mount-but-winklevoss-brothers-bet-on-public-markets/)

[2] Winklevoss twins reveal more details in Gemini IPO filing (https://nypost.com/2025/08/15/business/winklevoss-twins-reveal-more-details-in-gemini-ipo-filing/)

[3] Gemini Seeks Nasdaq IPO Despite $282M Loss in 2025 (https://coinpedia.org/news/gemini-seeks-nasdaq-debut-amid-rising-crypto-ipo-wave-despite-losses/)

[4] Gemini Seeks Public Listing on Nasdaq Despite $282M in ... (https://cryptonews.com/news/gemini-seeks-public-listing-on-nasdaq-despite-282m-in-losses-so-far-in-2025/)

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

[6] Winklevoss twins' Gemini reveals lower revenue and wider loss in US IPO filing (https://www.reuters.com/markets/asia/traders-chase-pips-chinas-stagnant-bond-market-2025-08-15/)

[8] Billion-Dollar Deals, AI Shakeups & Record Highs (https://ts2.tech/en/billion-dollar-deals-ai-shakeups-record-highs-global-business-news-roundup-aug-15-16-2025/)