Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has publicly filed for a U.S. initial public offering , disclosing significant financial losses in the process. The company reported a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, a stark contrast to the $41.4 million loss on $74.3 million in revenue during the same period in 2024.
Despite these financial setbacks, Gemini is moving forward with its IPO plans, aiming to list on Nasdaq under the ticker "GEMI." The IPO is being underwritten by Goldman Sachs and Citigroup, signaling strong institutional interest in the digital asset sector. If successful, Gemini will become the third publicly listed cryptocurrency exchange in the U.S., following Coinbase and Bullish.
The decision to go public comes amid a broader resurgence in the U.S. IPO market, which had previously experienced a slowdown due to uncertainties surrounding trade policy changes. Digital asset firms, including stablecoin issuer Circle and crypto exchange Bullish, have recently entered the IPO market, receiving strong investor interest.
Gemini's IPO filing also highlights the company's global reach, operating in over 60 countries and supporting more than 70 cryptocurrencies. The firm aims to use the proceeds from the IPO for general corporate purposes and to repay part of its third-party debt.
The move reflects the continued integration of cryptocurrencies into mainstream finance, as more digital asset firms seek to establish themselves in traditional financial markets. However, the financial losses disclosed in Gemini's filing underscore the challenges faced by crypto exchanges in a volatile market environment.
