Gemini has published its S-1 statement for its IPO listing on Nasdaq, with the crypto exchange also sharing details of its H1 earnings.
By Godfrey Benjamin
Editor Kirsten Thijssen
Updated
3 mins read
Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, has filed its S-1 statement to list its stock on the Nasdaq stock market. In its published statement, the company revealed some details about its intended Initial Public Offering (IPO) this year.
Gemini first submitted its draft registration for the IPO in June, applying to list its stock on the Nasdaq exchange under the ticker symbol GEMI. Notably, it did not mention an IPO price, only providing some other details, such as the left-lead bookrunner, who is responsible for overseeing the offering. This includes Goldman, Citi, Morgan Stanley, and Cantor.
According to the filing, the exchange is currently facing its weakest numbers ever. For the first half of this year, Gemini has recorded a net loss of approximately $282.5 million.
This far outweighs the $41.4 million in losses that were posted in H1 2024. By the end of last year, its net loss amounted to $158.5 million with a revenue of just $142.2 million. Also, the exchange saw its adjusted EBITDA go from earnings of $32 million to a $113.5 million loss.
As part of its plan for this year, Gemini intends to transition a significant fraction of its users to a Moonbase entity that is based in Florida. On the other hand, Gemini Trust will remain in New York, which has been a tough space for crypto firms, especially under its BitLicense rules. The toughness in this region is one of the reasons why Gemini does not provide its staking service in New York, even though it operates in every US state.
Gemini is also working on a new credit facility with Ripple. This deal is valued at $75 million, but scalable to $150 million, which can be drawn in Ripple’s USD-pegged stablecoin RLUSD, should the initial commitment be exceeded. It is worth noting that under this credit agreement, no draws have been made.
So far, Coinbase and Bullish, which went live on the New York Stock Exchange (NYSE) earlier this week under the ticker BLSH, are the only crypto exchanges that are publicly traded in the US. Therefore, if Gemini succeeds with this IPO, it would be the third publicly traded crypto exchange in the U.S.
Gemini and JPMorgan are still in a tussle over the banking giant’s refusal to allow it to complete its onboarding process.
JPMorgan had earlier decided to charge fintech firms for gaining access to customers’ banking data. At the time, Cameron and Tyler Winklevoss disagreed with JPMorgan’s decision, citing that the policy would negatively impact fintechs that support cryptocurrency transactions.
These executives are more concerned because it turns out that “JPMorgan told us that because of it, they were pausing their re-onboarding of Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0.”
Unfortunately, this has added to the existing strain between Gemini and JPMorgan.
These are pretty bad numbers coming out of Gemini.
Unprofitable 2024 for a crypto exchange?
How??? pic.twitter.com/ED32LoOdYO
— Steven (@Dogetoshi) August 15, 2025
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
