Gemini Files Nasdaq IPO Amid Sharp 656% Rise in Net Losses to $282.5 Million

Gemini, the digital asset exchange co-founded by Cameron and Tyler Winklevoss, has filed for a Nasdaq IPO under the ticker GEMI, despite reporting a net loss of $282.5 million in the first half of 2025—up from $41.4 million in the same period in 2024. The company’s adjusted EBITDA also shifted from $32 million positive in 2024 to $113.5 million negative in 2025[2]. The IPO filing, submitted confidentially in June 2025, signals a strategic transformation for Gemini, which is restructuring its operations into two entities: Gemini Trust in New York and Moonbase in Florida[2].

The decision to pursue an IPO comes as Gemini seeks to bolster its liquidity, supported by a $75 million credit facility from Ripple, which could be expanded to $150 million in RLUSD stablecoin. No amount has been drawn under the facility as of the filing date[2]. The move is expected to enhance the adoption of Ripple’s RLUSD stablecoin, particularly within institutional markets[2]. Goldman Sachs, Citi, Morgan Stanley, and Cantor Fitzgerald are managing the IPO process, though the pricing details have yet to be disclosed[2].

Gemini’s IPO filing highlights the growing trend of crypto firms seeking public market access, despite ongoing financial challenges. If successful, it would position Gemini as the third U.S.-based crypto exchange to go public, following Coinbase and Bullish[2]. The IPO could also signal increased regulatory clarity in the sector, reflecting a maturing environment for crypto firms. However, the exchange’s financial performance remains a concern, with operational losses growing significantly year-over-year[2].

The Winklevoss brothers have long championed digital assets, leveraging their early investment in Facebook to become prominent figures in the crypto space. Their IPO strategy underscores a belief in the long-term potential of the industry, while also addressing the need to adapt to evolving regulatory frameworks[2]. In a statement, Cameron Winklevoss said, "Our filing for a Nasdaq IPO reflects our commitment to navigating the challenges and opportunities in the evolving crypto landscape." [2]

This IPO could also influence broader market dynamics, particularly in the adoption of crypto-backed financial products and stablecoins. The strategic alliance with Ripple further illustrates the interdependence of major crypto players in navigating a volatile and complex industry landscape[2].

Sources:

[1] Winklevoss' Gemini files for Nasdaq listing after strong bullish debut (https://cointelegraph.com/news/winklevoss-gemini-nasdaq-listing-strong-bullish-debut)

[2] Gemini Details IPO Plans Amid Increasing Losses and Ripple Loan Agreement (https://coingape.com/gemini-details-ipo-plans-amid-increasing-losses-and-ripple-loan-agreement/)

[5] Gemini Seeks Nasdaq IPO Amid Rising Crypto IPO Wave Despite Losses (https://coinpedia.org/news/gemini-seeks-nasdaq-debut-amid-rising-crypto-ipo-wave-despite-losses/)