Gemini Files Nasdaq IPO Despite 282.5M Net Loss in H1 2025

Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has filed for a Nasdaq IPO, despite reporting a net loss of $282.5 million for the first half of 2025. The exchange revealed its public market ambitions through a S-1 filing, a process that had been initially undertaken in June 2025 under confidential terms. This move positions Gemini as the latest crypto firm to seek public market funding amid a broader resurgence in digital-asset investment interest [1].

The company’s financial performance has deteriorated sharply compared to the same period in 2024, when it recorded a net loss of $41.4 million. Adjusted EBITDA also shifted from a profit of $32 million in 2024 to a loss of $113.5 million in H1 2025. For the full year of 2024, Gemini ended with a net loss of $158.5 million on revenue of $142.2 million [1].

To navigate the challenging regulatory environment, particularly New York’s stringent BitLicense rules, Gemini is introducing a dual-entity structure. The exchange plans to separate its operations between Gemini Trust in New York and Moonbase in Florida, with the latter serving as the primary platform for staking and other services limited by New York regulations. This strategic split reflects the firm’s attempt to maintain flexibility in a highly fragmented and evolving regulatory landscape [2].

Gemini has also secured a $75 million loan facility from Ripple, potentially expandable to $150 million, which is denominated in RLUSD stablecoin. However, no amounts have been drawn under this agreement to date. The IPO is being underwritten by major financial institutions including Goldman Sachs, Citi, Morgan Stanley, and Cantor. No target share price has yet been disclosed [2].

If the offering proceeds, Gemini would become the third crypto exchange to go public in the U.S., following Coinbase and Bullish. The company’s IPO filing does not include a specific ticker symbol at this stage but indicates a strategic intent to capitalize on a market influenced by rising retail interest and crypto-friendly policies. This timing aligns with a broader trend of crypto firms preparing for public listings, reflecting a mix of strategic optimism and the need for more stable capital sources in a volatile market [1].

The decision to pursue an IPO despite mounting losses underscores the inherent risks and opportunities in the crypto space. While immediate profitability remains elusive, Gemini appears to be betting on the long-term value proposition of its platform and the broader digital-asset ecosystem. The Winklevoss twins continue to advocate for digital assets, even as financial results suggest the path to profitability remains uncertain [2].

Source: [1] Gemini Seeks Nasdaq IPO Despite $282M Loss in 2025

https://coinpedia.org/news/gemini-seeks-nasdaq-debut-amid-rising-crypto-ipo-wave-despite-losses/

[2] Winklevoss twins reveal more details in Gemini IPO filing ...

https://www.newsbreak.com/new-york-post-509648/4177****57161-winklevoss-twins-reveal-more-details-in-gemini-ipo-filing-as-crypto-friendly-trump-boosts-investor-demand