The cryptocurrency exchange Gemini has officially confirmed its intention to conduct an initial public offering (IPO) on the Nasdaq under the ticker GEMI. The corresponding S-1 filing, submitted after a confidential project in June 2025, contains detailed information about the company’s financial condition and its corporate structure.
This is reported by Finway
Gemini’s Financial Results and Changes in Company Structure
In the first half of the current year, Gemini reported a net loss of $282.5 million, significantly exceeding the same figure from last year, which was $41.4 million. Adjusted EBITDA also shifted from a profit of $32 million to a loss of $113.5 million. For the entirety of 2024, the company ended with a negative result of $158.5 million on revenues of $142.2 million.
The IPO filing states that Gemini plans to distribute its clients between two legal entities: Gemini Trust, registered in New York, and Moonbase, operating in Florida. Moonbase will serve as the primary operational platform, as the regulatory requirements of BitLicense in New York limit access to staking.
Credit Line from Ripple and Underwriters
Gemini also disclosed the conclusion of a credit agreement with Ripple in July 2025. According to the documentation, the company received a credit line of $75 million in the stablecoin RLUSD, with the possibility of increasing it to $150 million. However, the company has not yet utilized these borrowed funds.
“The cryptocurrency exchange Gemini has officially revealed plans to conduct an initial public offering (IPO) on the Nasdaq, indicating the ticker GEMI. The public S-1 filing, submitted after a confidential project in June 2025, disclosed the company’s financial metrics and details of its corporate structure.”
The offering is being organized by leading financial institutions: Goldman Sachs, Citi, Morgan Stanley, and Cantor. The share price that the company plans to set during the IPO has not yet been announced.
If the IPO is successful, Gemini will become the third cryptocurrency exchange to go public in the U.S. after Coinbase and Bullish, whose shares are already trading on the NYSE. The exchange was founded by Cameron and Tyler Winklevoss, known as some of the earliest investors in Facebook.