Gemini Seeks Public Listing on Nasdaq Despite $282M in Losses So Far in 2025

Gemini has filed an S-1 with the US Securities and Exchange Commission, aiming to go public on the Nasdaq Global Select Market under the ticker GEMI.

Key Takeaways:

• Gemini has filed to list on Nasdaq under ticker GEMI, with major Wall Street banks leading the IPO.
• The company faces mounting losses, posting a $282.5 million net loss in H1 2025 as cash reserves shrink.
• The filing comes amid strong investor appetite for crypto IPOs, following major debuts by Circle and Bullish.

The move comes two months after the New York-based crypto exchange and custodian submitted a confidential filing.

Founded in 2014 by Tyler and Cameron Winklevoss, Gemini has yet to disclose how many shares it will offer or the expected price range. The timing of the IPO also remains unclear.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will lead the deal, with Academy Securities and AmeriVet Securities as co-managers.

The filing arrives amid heightened investor interest in crypto listings. Circle’s June debut saw shares surge nearly 10x from the $31 offering price before settling at $149.

Earlier this week, institutional exchange Bullish more than tripled from its $37 IPO price on its first trading day, closing near $70 on Friday.

Several other crypto firms, including OKX, Grayscale, and Kraken, have either hinted at or initiated plans to go public. Meanwhile, listed industry leaders like Coinbase and MicroStrategy have recently hit multi-year highs.

Gemini’s financials, however, highlight mounting losses. The company reported a $158.5 million net loss on $142.2 million in revenue for 2024.

Losses deepened in the first half of 2025, reaching $282.5 million on $67.9 million in revenue. Cash reserves fell from $341.5 million at the end of 2024 to $161.9 million by mid-2025.

Gemini must be desperate for an IPO as these are some terrible results given crypto market growth the past year. Must just be losing market share pic.twitter.com/jKvwAC4Sn8

Last month, Tyler Winklevoss claimed that JPMorgan Chase paused the crypto exchange’s onboarding process after he publicly criticized the bank’s new policy on financial data access.

Winklevoss said JPMorgan responded to his recent comments by halting Gemini’s re-onboarding, a process the bank initiated after previously ending the relationship during what Winklevoss referred to as “Operation ChokePoint 2.0.”

The fallout followed a Bloomberg report that revealed JPMorgan’s plans to begin charging fintech companies for access to customer banking data.

The IPO push comes as the regulatory climate shifts in favor of digital assets. Since President Trump’s return to office in January, the SEC has dropped most cases against crypto firms.

The Trump administration has also advanced its pro-crypto agenda with a series of policy and regulatory moves.

President Trump signed an executive order urging regulators to remove barriers that prevent 401(k) plans from including alternative assets such as cryptocurrencies.

If implemented, the reforms could allow millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated channels.

Trump also nominated economist Stephen Miran, a digital asset advocate, to the Federal Reserve Board of Governors, signaling continuity in his administration’s pro-crypto stance.

The announcement coincided with Bitcoin climbing back above $117,000, highlighting the link between policy developments and market sentiment.

In a separate executive order, Trump moved to end “debanking” practices that target lawful crypto firms.

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