Gemini IPO filing: exchange targets Nasdaq as GEMI, reveals dip in revenue

Crypto exchange Gemini's S-1 statement was published on Friday, revealing new details about the latest crypto firm to vie for an IPO in 2025. A draft registration statement was previously confidentially submitted at the beginning of June. 

The filing reveals Gemini has applied to list its stock on the Nasdaq stock exchange under the ticker GEMI. An IPO price was not disclosed; the left-lead bookrunner and cohort that will oversee the offering are Goldman, Citi, Morgan Stanley, and Cantor. 

The filing shows weaker financial numbers for Gemini than previously known; the firm posted a net loss of $282.5 million for the first half of 2025, compared to just $41.4 million in losses for the same period the year prior. Adjusted EBITDA in those periods went from earnings of $32 million to a $113.5 million loss, according to the filing. In 2024, the firm logged a net loss of $158.5 million on $142.2 million in revenue. 

The filing also shows Gemini will transition most of its users to a Florida-based "Moonbase" entity, with Gemini Trust remaining in New York State. New York State has historically been a tougher regulator of crypto companies under its BitLicense rules; Gemini offers staking to users in the United States in every state except New York, where the firm is headquartered. 

Detailed in the filing is a new credit facility with Ripple for up to $75 million, scalable to $150 million, that can be drawn in Ripple's RLUSD stablecoin once the initial commitment is exceeded. So far, no draws have been made under the credit agreement. 

Should Gemini succeed in its IPO, it will become the third publicly-traded crypto exchange in the U.S., following Coinbase and Bullish, which debuted on the NYSE this week. The firm was founded by twin brothers Cameron and Tyler Winklevoss, best known for their early involvement in Facebook.