Gemini’s Public Market Push
Crypto exchange Gemini, co-founded by Cameron and Tyler Winklevoss, has officially moved forward with its long-awaited initial public offering (IPO). The company filed an updated registration statement with the U.S. Securities and Exchange Commission (SEC), outlining its financials and naming top banks to lead the deal.
According to the filing, Gemini intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.
Wall Street Heavyweights on Board
In a major show of institutional backing, Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will serve as lead bookrunners for the IPO. Additional bookrunners include Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company, and Rosenblatt. Meanwhile, Academy Securities and AmeriVet Securities will act as co-managers.
This level of participation from Wall Street highlights the growing convergence between traditional finance and digital asset markets.
Financial Performance: Growth with Heavy Losses
Gemini’s updated filing revealed both growth and challenges:
- 2024 revenue: $142.2 million, up from $98.1 million in 2023.
- First half of 2025 revenue: $68.6 million, down from $74.3 million in the same period of 2024.
- Net loss 2024: $158.6 million, compared to $319.7 million in 2023.
- Net loss (H1 2025): $282.5 million, underscoring ongoing profitability struggles.
- EBITDA: Loss of $13.2 million in 2024, and $113.5 million in the first half of 2025.
These numbers show improving efficiency year-over-year, but also highlight the financial pressures of operating in the volatile crypto sector.
Like other crypto firms eyeing the public markets, Gemini acknowledged several risks in its filing. Among them:
- Regulatory uncertainty across jurisdictions.
- Adoption of digital assets and blockchain technology on a global scale.
- Dependence on the stability of open-source blockchain protocols.
Despite these risks, Gemini remains optimistic about long-term industry growth.
Competitive Landscape
Gemini’s IPO filing follows a wave of crypto companies going public in 2025, including Circle (CRCL), eToro (ETOR), and Bullish (BLSH). Custody firm BitGo has also filed paperwork for a potential listing.
This trend underscores how crypto exchanges and service providers are increasingly seeking public listings to boost transparency, raise capital, and build investor confidence.
Gemini’s IPO is one of the most closely watched listings in the crypto industry. Backed by Wall Street’s biggest banks, the exchange is pushing forward despite significant financial losses and regulatory hurdles.
If successful, Gemini (GEMI) could become a bellwether for how traditional investors view crypto exchanges in the public markets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.