Gemini Files Nasdaq IPO Amid Crypto Sector’s Push for Public Listings

Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has officially filed for a Nasdaq listing under the ticker symbol “GEMI” following a strong market debut by rival exchange Bullish. The filing, submitted on September 13, 2025, reveals financial details that underscore the company’s challenging operating environment [2]. Gemini’s move follows a broader trend of crypto firms seeking public market listings, driven by favorable regulatory shifts and increased institutional interest in digital assets [1].

Founded in 2014, Gemini operates a regulated crypto exchange, custody service, and a range of blockchain-based products, including the US dollar-backed Gemini Dollar (GUSD) stablecoin and a crypto-rewards credit card. The firm will operate under a dual-class share structure post-offering, with Class A shares carrying one vote per share and Class B shares carrying ten votes. This structure is intended to maintain control over corporate governance, with the Winklevoss twins retaining all Class B shares [1].

Financial disclosures accompanying the filing show that Gemini reported a net loss of $282.5 million in the first half of 2025, with revenue of just $67.9 million during the same period. The company also disclosed a broader net loss of $158.5 million in 2024 despite generating $142.2 million in revenue [4]. These figures highlight the ongoing struggles faced by crypto exchanges, even those with high-profile founders. The IPO proceeds will be used to repay third-party debt, signaling a strategic shift toward financial stability [2].

Gemini’s public listing attempt comes less than a month after Bullish, a crypto exchange backed by Peter Thiel, completed its own IPO, raising $1.1 billion on its first day of trading and surging 228% to a valuation of $10 billion. This success has encouraged other crypto firms to follow suit. BitGo, another major player in the space, has also confidentially filed for a U.S. listing [1].

Analysts suggest that successful crypto IPOs like Bullish’s have provided industry players with the confidence to pursue public offerings. “Having seen these public IPOs or acquisitions at higher valuations, people now have the proof points to invest with a level of confidence in early-stage, real-world blockchain companies,” said Michael Martin, director at Ava Labs’ incubator Codebase [1].

The broader crypto market has also seen significant gains, with Bitcoin and other cryptocurrencies hitting record highs. Meanwhile, the U.S. regulatory environment has become increasingly favorable, particularly under the Trump administration, which has rolled out policies that support innovation in the blockchain sector [1].

Gemini’s public listing will be closely watched for its ability to attract institutional investors and stabilize its financial position. If successful, the move could set a precedent for other crypto firms seeking to transition from private to public markets.

[1] Source: Yahoo Finance (https://finance.yahoo.com/news/bullish-1bn-ipo-leads-weekly-111149817.html)

[2] Source: AInvest (https://www.ainvest.com/news/gemini-files-nasdaq-ipo-crypto-firms-pursue-public-listings-2508/)

[3] Source: TechCrunch (https://techcrunch.com/2025/08/15/winklevoss-twins-crypto-company-gemini-files-for-ipo/)

[4] Source: Coingabbar (https://www.coingabbar.com/en/crypto-currency-news/gemini-ipo-filing-reveals-loss-amid-nasdaq-plans?srsltid=AfmBOop9Gp4nWPIQA48nnYAMrOXm5e_yY6LiCsg-Nr1USQIon04naiaC)