The cryptocurrency exchange Gemini has officially announced its intention to conduct an initial public offering (IPO) on the Nasdaq and has designated the ticker GEMI for this purpose. In its public S-1 filing, the company disclosed details of its financial results and business structure.
This is reported by Business • Media
Financial Results and Corporate Structure
In the first half of the current year, Gemini reported a net loss of $282.5 million, a significant increase compared to a loss of $41.4 million during the same period in 2024. Adjusted EBITDA shifted from a profit of $32 million to a loss of $113.5 million. For the entire year of 2024, the company also ended the year with a loss of $158.5 million on total revenue of $142.2 million.
Gemini announced its intention to distribute customers between two legal entities: Gemini Trust in New York and Moonbase in Florida. Operational activities will be concentrated in Moonbase, as New York has stricter BitLicense requirements that limit the ability to stake cryptocurrencies.
Credit Line and IPO Organizers
In its filing, Gemini also revealed a credit agreement made with Ripple in July 2025. A credit line of $75 million in the stablecoin RLUSD is planned, with the potential to increase to $150 million. At the time of the filing, the company had not drawn on these funds.
“The stock offering will be organized by leading financial institutions Goldman Sachs, Citi, Morgan Stanley, and Cantor. The target stock price during the IPO has not yet been announced.”
If the IPO is successful, Gemini will become the third cryptocurrency exchange in the U.S. to go public, following Coinbase and Bullish, whose shares are traded on the NYSE. The founders of Gemini are Cameron and Tyler Winklevoss, who gained fame as some of the first investors in Facebook.
It is worth noting that earlier, the company Strategy, the world’s largest public Bitcoin holder, announced the successful completion of its IPO.