Key Takeaways
- Gemini disclosed a $282.5M loss in the first half of 2025 as it pushes ahead with IPO plans.
- IPO filing confirms Nasdaq listing under GEMI, with no size or pricing details revealed.
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Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, has made public its filing for a US initial public offering, joining a wave of digital asset companies seeking to go public.
The IPO was already anticipated, but the newly released filing confirms key financial and operational details, including plans to list on Nasdaq under the ticker GEMI. The exchange did not disclose the size or price range of the offering.
The filing shows Gemini reported a net loss of $282.5 million on total revenue of $68.6 million for the six months ended June 30, 2025, compared with a net loss of $41.4 million on revenue of $74.3 million in the same period a year earlier.
The exchange said it had 14.6 million verified users and $12 billion in assets under custody as of June 30. Trading fees remain its largest revenue driver, supplemented by its Earn program and staking services.
The move follows high-profile IPOs from Circle in June and Bullish earlier this week, reflecting renewed public market appetite for digital asset firms.
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