Gemini Files for Nasdaq IPO Amid Surging Crypto Market Listings

Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss in 2014, has made its initial public offering (IPO) filing public and confirmed its intent to list on the Nasdaq under the ticker symbol "GEMI" [1]. This move comes as part of a broader trend of digital asset firms seeking public market exposure, and it marks a significant milestone for the exchange [2].

According to the filing, Gemini reported a net loss of $282.5 million for the first half of 2025, despite generating total revenue of $68.6 million during the same period [3]. This represents a substantial increase in losses compared to the $41.4 million loss and $74.3 million revenue recorded in the same period the previous year. The company has not disclosed the size or pricing range of the offering, leaving key details such as valuation and expected fundraising to be finalized during regulatory review [4].

Gemini's financial performance highlights the challenges facing crypto exchanges in a volatile market environment. The firm, which positions itself as a regulated and institutional-friendly platform, reported 14.6 million verified users and $12 billion in assets under custody as of June 30, 2025 [5]. Trading fees remain its primary source of revenue, with additional contributions from its Earn program and staking services.

The exchange has applied for a listing on the Nasdaq Global Select Market, a move that would bring the GEMI ticker into the traditional financial system and provide greater visibility to both institutional and retail investors [6]. This aligns with the broader market trend of crypto firms seeking to bridge the gap between digital assets and traditional finance. Gemini aims to use proceeds from the IPO to repay third-party debt, signaling its focus on financial restructuring and long-term sustainability [7].

The timing of the filing is notable, as it reflects the growing interest in crypto-related listings and the increasing legitimacy of digital assets in mainstream financial markets. Gemini's public filing underscores the company's confidence in its strategic vision and its commitment to compliance and security—key factors that have contributed to its stable position in the industry [8].

As the firm moves toward a Nasdaq listing, it joins a growing list of crypto-related companies aiming to enhance their credibility and market reach through public offerings. Gemini’s IPO represents not only a personal milestone for the Winklevoss twins but also a broader step forward for the maturation of the crypto market.

Source:

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

[2] 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/)

[3] 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] 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)

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

[7] Winklevoss Twins' Crypto Platform Gemini Submits Public IPO Filing (https://www.wsj.com/finance/currencies/winklevoss-twins-crypto-platform-gemini-submits-public-ipo-filing-df841937?gaa_at=eafs&gaa_n=ASWzDAjjwX9u-zbtkx1qRJgWN4qWzR_S7AioUqkvXv39CY-8JItCGY3qU5xX&gaa_sig=bW1GMANONlojdpCk55xVx3ICUoGeGxVF7TiRgEqqPPGOs7UiJiVPRYNal_MKGi2upqBuqbZvyOH4pHqmr6Uv6w%3D%3D&gaa_ts=689fb763)