Gemini Files Nasdaq IPO Despite 285.5M Net Loss in H1 2025

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to go public, seeking to trade on the Nasdaq under the ticker symbol “GEMI” [1]. This marks a significant step for the crypto sector, particularly in a regulatory environment that has shown signs of improvement under recent U.S. policy shifts [2]. The move places Gemini among a growing number of crypto-native firms, including Bullish and Figure Technology, that are preparing for public market listings [3].

Gemini’s financial picture, however, reveals a mixed reality. The company reported $142.2 million in revenue in 2024, a 45% increase from the previous year, but also recorded a net loss of $158.5 million during the same period [1]. The situation worsened in the first half of 2025, with revenue declining 7.6% year-over-year to $68.6 million and net losses widening to $285.5 million [4]. Despite these losses, the platform saw a 5.7% rise in monthly transacting users to 523,000 and a near-50% increase in trading volumes to $24.8 billion, signaling underlying growth in activity and user engagement [1].

To support its IPO ambitions, Gemini secured a $75 million credit facility from Ripple, which could be expanded to $150 million under certain conditions [5]. The funding agreement also includes a strategic partnership to promote Ripple’s RLUSD stablecoin on the Gemini platform. This move highlights the interconnectedness of the crypto ecosystem and the role of partnerships in navigating financial volatility [8].

The decision to pursue an IPO reflects a broader trend among crypto firms seeking to access traditional capital markets. Alongside Gemini, companies like Kraken and Grayscale are reportedly preparing for public listings [1]. However, the challenges remain significant. Public listings expose firms to intense scrutiny and pressure for profitability, particularly in an industry still defined by high operational costs and unpredictable revenue streams.

Gemini’s IPO filing also aligns with a broader trend of companies finalizing regulatory filings ahead of the Labor Day holiday in September, suggesting a strategic timing approach to capitalize on investor interest [7]. Analysts have speculated that the IPO could raise around $400 million, though Gemini has not disclosed its targeted valuation or the number of shares to be offered [1]. The company’s last private valuation, set at $7.1 billion in 2021, may now appear optimistic given the current financial landscape [1].

The filing underscores the inherent risks and opportunities of taking a crypto firm public. While an IPO can provide access to capital and enhance market credibility, it also raises expectations for transparency and profitability. For Gemini, the IPO is more than a financial maneuver—it is a test of investor confidence in the crypto sector’s long-term viability. As the regulatory environment continues to evolve, Gemini’s public debut could serve as a barometer for the broader acceptance of crypto firms in traditional financial markets.

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Source:

[1] Gemini Files to Go Public (https://coinmarketcap.com/community/articles/68a81b0d54e7713cca689ff9/)

[2] Gemini Files for an IPO. The Winklevoss Twins Are Behind This Crypto Exchange (https://www.msn.com/en-us/money/companies/gemini-files-for-an-ipo-the-winklevoss-twins-are-behind-this-crypto-exchange/ar-AA1KK2VG)

[3] Investors Worry About an AI Bubble, but the Money Keeps Flowing (https://siliconangle.com/2025/08/21/investors-worry-ai-bubble-money-keeps-flowing/)

[4] Gemini Pursues Nasdaq IPO Despite 282.5M Net Loss in First Half of 2025 (https://www.ainvest.com/news/gemini-pursues-nasdaq-ipo-282-5m-net-loss-h1-2025-2508)

[5] Gemini's $75M Ripple Lifeline Exposes Crypto's IPO Gamble (https://www.ainvest.com/news/gemini-75m-ripple-lifeline-exposes-crypto-ipo-gamble-2508/)

[7] Summer US IPO Thrills Set Stage for Crypto and AI-Led September (https://www.bloomberg.com/news/articles/2025-08-20/summer-us-ipo-thrills-set-stage-for-crypto-and-ai-led-september?srnd=prognosis)

[8] Ripple Backs Gemini with $75M Amid Financial Struggles (https://www.livebitcoinnews.com/ripple-backs-gemini-with-75m-amid-financial-struggles/)