In a particularly development within the cryptocurrency landscape, Gemini, the digital asset exchange founded by the Winklevoss twins, formally filed for an initial public offering (IPO) on the Nasdaq under the ticker symbol GEMI in mid-2025. The public S-1 filing, which followed a confidential submission in June 2025, revealed key elements of the company’s financials, corporate structure, and strategic positioning, although it especially withheld a specific IPO size or price range. Lead underwriters for the offering include prominent financial institutions Goldman Sachs, Citi, Morgan Stanley, and Cantor Fitzgerald, signaling strong institutional backing for the exchange’s market debut. Gemini intends to list its Class A common stock on the Nasdaq Global Select Market, underscoring ambitions for visibility and credibility among global investors. Gemini plans to split into two entities, Gemini Trust and Moonbase, to adapt to regulatory requirements. The firm has expressed interest in integrating innovative blockchain technologies, such as those supporting high throughput networks, to enhance its platform capabilities.
Financial disclosures within the filing paint a complex picture. Gemini experienced a marked increase in net losses, escalating from $41.4 million in the first half of 2024 to $282.5 million in the same period of 2025. Concurrently, total revenues declined slightly from $74.3 million to between $67.9 million and $68.6 million, while adjusted EBITDA swung dramatically from a positive $32 million in 2024 to a negative $113.5 million in H1 2025. The firm’s revenue streams primarily derive from trading fees, its Earn program, and staking services. Despite these financial headwinds, Gemini reported custody of $12 billion in digital assets and a verified user base of 14.6 million as of mid-2025, reflecting substantial market penetration. The filing also highlighted a significant decline in liquidity, with cash reserves dropping over 50% year-over-year.
Strategically, Gemini plans to bifurcate its operations into two distinct entities: the New York-based Gemini Trust and Florida-based Moonbase. This division responds to divergent regulatory environments, particularly New York’s stringent BitLicense regime, by using Moonbase as the primary operational platform to maintain access to staking and other services. The structure illustrates an adaptive regulatory approach amid evolving government restrictions and blockchain adoption uncertainties. Additionally, Gemini disclosed a $75 million credit facility with Ripple, extendable to $150 million, denominated in RLUSD stablecoin, enhancing liquidity and institutional credibility during a period of market volatility. This financing, alongside the firm’s focus on compliance and operational flexibility, aims to position Gemini favorably as it enters the public market, joining peers such as Circle and Bullish in redefining crypto’s role within traditional finance.
