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Gemini Seeks IPO on Nasdaq Despite Deepening Losses
August 15, 2025
Gemini, the cryptocurrency exchange and custodian founded by twins Cameron and Tyler Winklevoss, is preparing to go public. The company announced plans to list on the Nasdaq Global Select Market under the ticker GEMI, making it the latest digital asset firm to test investor appetite in public markets.
Founded in 2014, Gemini operates as both an exchange and a custodian bank, offering a mix of products including crypto trading, custody services, a U.S. dollar–backed stablecoin, and a credit card with crypto rewards. The company positioned itself early on as a compliance-friendly alternative to some of its peers, often highlighting its regulatory approach as a differentiator.
Financial Struggles Revealed
The company’s S-1 filing, submitted Friday after markets closed, paints a sobering financial picture. Gemini reported a net loss of $158.5 million on $142.2 million in revenue in 2024, underscoring the challenges of profitability in the volatile crypto sector. Losses have accelerated in 2025: in just the first six months of the year, the company recorded a $282.5 million net loss on $67.9 million in revenue, surpassing all of 2024’s losses.
While revenue has fluctuated alongside market conditions, expenses tied to technology development, compliance, and marketing continue to weigh heavily. Investors weighing the IPO will need to assess whether Gemini can scale profitably in an increasingly crowded field.
Part of a Larger Wave of Crypto IPOs
Gemini’s filing comes amid renewed momentum for crypto companies entering public markets, as the Trump administration has taken a friendlier stance toward digital assets and eased regulatory pressures.
Circle Internet Group, issuer of the USDC stablecoin, raised $1.2 billion in June in a blockbuster IPO. Its stock surged 168% above its $31 debut price.
Bullish, a crypto exchange led by former NYSE president Tom Farley and owner of CoinDesk, raised $1.1 billion earlier this month, with shares climbing from a $37 IPO price to as high as $118.
These recent debuts suggest strong investor interest in crypto-related equities, though the companies themselves face similar profitability challenges. For instance, Circle reported a quarterly loss shortly after its IPO, citing one-time listing costs.
Investor Outlook
Gemini’s push to go public may give it greater access to capital markets, but its steep and widening losses highlight the risks. Unlike Circle and Bullish, Gemini does not dominate its respective niches — it competes with larger exchanges such as Coinbase, Binance, and Kraken.
Still, going public could bolster Gemini’s credibility with both regulators and institutional partners, while giving retail investors another avenue to gain exposure to crypto infrastructure. Whether that will outweigh concerns about financial sustainability remains an open question.
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