Gemini Files for Nasdaq IPO Amid Crypto Sector's Push to Public Markets

Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has submitted an initial public offering (IPO) to the U.S. Securities and Exchange Commission, seeking a Nasdaq listing under the ticker symbol GEMI. The filing marks a significant step for the company as it enters the public market amid a broader trend of crypto firms pursuing traditional stock listings to raise capital and enhance institutional credibility [1].

According to the IPO filing, Gemini reported $67.9 million in revenue for the first half of 2025, a decline from $73.5 million in the same period in 2024. The company also recorded a $282.5 million net loss, sharply up from a $41.4 million loss in the first half of 2024. The drop in revenue and surge in losses are attributed to reduced trading volume and expenses related to staking and other services [3]. Gemini’s financials reveal that it holds over $18 billion in customer assets, with approximately 65.5% of its revenue coming from trading fees [5].

The exchange serves both retail and institutional clients, offering custody solutions, over-the-counter trading, and a crypto-reward credit card. As of June 30, 2025, Gemini reported 14.6 million verified users and $12 billion in assets under custody [6]. Proceeds from the IPO are expected to be used to repay third-party debt, underscoring the company’s strategic focus on long-term stability and operational restructuring [7].

The timing of the filing follows a surge in high-profile crypto IPOs, including Circle Internet Financial, which raised $1.2 billion and saw its stock rise 168% on its first day of trading in June. Another exchange, Bullish, also saw an 84% rise in its share price after raising $1.1 billion [9]. These developments reflect the growing institutional interest in the crypto space and the increasing integration of digital assets into traditional financial markets.

Gemini has faced regulatory challenges in the past. In 2023, the U.S. Securities and Exchange Commission (SEC) alleged that the company sold unregistered securities through its Gemini Earn lending program, but the case was dismissed earlier this year. Additionally, in January 2025, Gemini settled a $5 million case with the Commodity Futures Trading Commission over misleading statements regarding its Bitcoin futures contract [10]. These incidents highlight the ongoing regulatory scrutiny of crypto exchanges as they seek broader acceptance and legitimacy in traditional financial systems.

The Winklevoss twins, who hold significant stakes in Gemini, have played a central role in the company’s evolution. Tyler Winklevoss, the CEO, has expressed optimism about the IPO, stating it is a milestone in the company’s mission to empower individuals through cryptocurrency and build a sustainable financial future [4].

As the crypto industry continues to navigate regulatory uncertainty and market volatility, Gemini’s IPO represents a strategic shift toward institutional credibility and financial resilience. The firm’s emphasis on compliance, security, and institutional partnerships positions it as a key player in the evolving digital asset landscape. The outcome of its Nasdaq listing could influence broader investor sentiment and set a precedent for other crypto firms considering public market entry [1].

Source:

[1] Gemini makes IPO filing public, plans Nasdaq listing under GEMI (https://cryptobriefing.com/gemini-us-ipo-filing-public/)

[2] Winklevoss' Gemini Files for IPO as Crypto Listings Accelerate (https://www.bloomberg.com/news/articles/2025-08-15/winklevoss-gemini-files-for-ipo-as-crypto-listings-accelerate)

[3] Winklevoss twins' Gemini reveals lower revenue and wider loss (https://www.reuters.com/business/finance/winklevoss-twins-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/)

[4] Gemini IPO filing: exchange targets Nasdaq as GEMI (https://www.theblock.co/post/367160/gemini-ipo-filing-exchange-targets-nasdaq-as-gemi-reveals-dip-in-revenue)

[5] Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom (https://decrypt.co/335554/gemini-plans-go-public-nasdaq-crypto-ipos-boom)

[6] Gemini IPO filing reveals financials for H1 2025 (https://finance.yahoo.com/news/crypto-exchange-gemini-makes-us-211653335.html)

[8] Winklevoss twins' crypto company Gemini files for IPO (https://techcrunch.com/2025/08/15/winklevoss-twins-crypto-company-gemini-files-for-ipo/)

[10] Legal Issue with U.S Regulators (from provided news content)