Gemini's IPO: Goldman Sachs, Citigroup, Morgan Stanley, and Cantor as Lead Bookrunners

Gemini, a crypto exchange co-founded by Cameron and Tyler Winklevoss, has filed an updated registration statement for its initial public offering (IPO) with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor as lead bookrunners. The company intends to sell an undisclosed number of Class A shares and plans to list on the Nasdaq Global Select Market under the ticker symbol GEMI. Gemini generated total revenue of $142.2 million in 2024 and a net loss of $158.6 million, with an earnings before interest, taxes, depreciation, and amortization loss of $13.2 million.

Crypto exchange Gemini, co-founded by Cameron and Tyler Winklevoss, has filed an updated registration statement for its initial public offering (IPO) with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor as lead bookrunners. The company intends to sell an undisclosed number of Class A shares and plans to list on the Nasdaq Global Select Market under the ticker symbol GEMI.

In its latest filing, Gemini reported total revenue of $142.2 million in 2024, up from $98.1 million the previous year. However, the company also faced significant financial challenges, posting a net loss of $158.6 million in 2024 and an earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $13.2 million. In the first half of 2025, the company's revenue stood at $68.6 million, down from $74.3 million in the same period in 2024, while its net loss reached $282.5 million.

Gemini's IPO comes amidst a wave of crypto companies seeking to go public. This year alone, Circle, eToro, and CoinDesk parent company Bullish have also filed for IPOs, and BitGo has submitted paperwork to do the same. The company's filing also indicates that it has generated a total debt burden of $2.1 billion, highlighting the financial pressures it faces.

Gemini's IPO is being underwritten by a syndicate of major banks, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald. The company has also secured a $75 million credit line with Ripple, with the potential for an additional $75 million to be accessed in increments of at least $5 million. The loan carries variable interest rates between 6.5% and 8.5%, and Gemini has already drawn from the facility, indicating its immediate relevance to the firm's liquidity strategy.

Gemini's move comes amid a shifting regulatory climate, with the Trump administration adopting a more pro-crypto stance. This has renewed appetite for crypto companies in capital markets, as seen in the strong public market debuts of Circle and Bullish earlier this year.

References:
[1] Gemini Hires Goldman Sachs, Citi, Morgan Stanley, and Cantor as Lead Bookrunners for Its IPO. (2025, August 16). CoinDesk. Retrieved from https://www.coindesk.com/business/2025/08/16/gemini-hires-goldmans-citi-morgan-stanley-and-cantor-as-lead-bookrunners-for-its-ipo
[2] Gemini Files IPO with $282.5M Loss and $2.1B Debt Burden. (2025, August 25). AInvest. Retrieved from https://www.ainvest.com/news/gemini-files-ipo-282-5m-loss-2-1b-debt-burden-2508/
[3] Winklevoss Gemini Nasdaq Listing: Strong Bullish Debut. (2025, August 16). Cointelegraph. Retrieved from https://cointelegraph.com/news/winklevoss-gemini-nasdaq-listing-strong-bullish-debut
[4] Gemini Files IPO with $282.5M Loss and $2.1B Debt Burden. (2025, August 25). AInvest. Retrieved from https://www.ainvest.com/news/gemini-files-ipo-282-5m-loss-2-1b-debt-burden-2508/