Gemini's IPO Pursuit Unveiled Amid European Expansion and Deepening Losses

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has taken a significant step toward expanding its European operations by securing a Markets in Crypto-Assets (MiCA) license from the Malta Financial Services Authority (MFSA). The approval, announced in August 2025, allows Gemini to provide its services across all 30 European Economic Area (EEA) countries, marking a strategic expansion milestone for the firm. This license complements Gemini’s earlier acquisition of an Investment Firm license for derivatives trading under the Markets in Financial Instruments Directive (MiFID II), further solidifying its regulatory standing in the region.

Gemini has long operated in more than 60 countries and recently launched Ethereum and Solana staking services in the UK, where it is already regulated by the Financial Conduct Authority. The MiCA license will now enable the firm to offer a broader range of regulated crypto services in Europe, including custody, trading, and tokenized assets. The firm also introduced tokenised stocks in Europe, leveraging blockchain technology to represent shares of traditional companies. This expansion has been overseen by newly appointed leaders Mark Jennings (Head of Europe) and Daniel Slutzkin (UK Head), who were brought on to lead Gemini’s European growth strategy.

Alongside its regulatory progress in Europe, Gemini has also filed for an initial public offering (IPO) in the United States. The company submitted a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC), seeking to list on the Nasdaq under the ticker symbol “GEMI.” While the filing did not disclose the number of shares or pricing range, the prospectus revealed a significant financial challenge: Gemini reported a net loss of $282.5 million in the first half of 2025, with total revenue of $68.6 million, representing a decline from the $74.3 million reported in the same period in 2024. The losses were attributed to lower revenue and a widening operating deficit, raising concerns for potential investors.

Gemini’s IPO strategy includes using the proceeds for general corporate purposes and to repay part of its third-party debt. The company’s business model is currently centered around a mix of trading and custody services, and analysts have questioned how the firm will differentiate itself in a competitive market. Goldman Sachs and Citigroup are serving as lead underwriters for the offering, and Robinhood has been confirmed as an IPO broker, indicating a potential channel for retail investors.

The broader crypto industry has seen renewed investor interest following regulatory clarity in the U.S., including the enactment of the GENIUS Act and the inclusion of blockchain firms in the S&P 500. Gemini’s move toward a public listing aligns with this trend, as the firm seeks to position itself as a trusted and regulated player in the maturing crypto market. The MiCA approval in Malta adds further credibility to Gemini’s European ambitions, allowing it to offer regulated services in a market increasingly open to institutional and retail adoption of digital assets.

Source: [1] Gemini accelerates European expansion with MiCA approval (https://www.fintechfutures.com/blockchain-crypto-digital-assets/gemini-secures-mica-licence-in-malta) [2] Winklevoss twins' Gemini reveals lower revenue and wider... (https://www.aol.com/news/crypto-exchange-gemini-makes-us-211653381.html)