Crypto exchange Gemini has officially pulled back the curtain on its ambitions to go public, with its S-1 registration statement being published on Friday. The filing provides the first public look at the company’s financial health and strategic direction as it aims for an Initial Public Offering (IPO) in 2025, following a confidential submission made in early June.
Founded by twin brothers Cameron and Tyler Winklevoss, Gemini has applied to list its shares on the Nasdaq stock exchange under the proposed ticker symbol GEMI. The effort is being led by a heavyweight cohort of financial institutions, with Goldman Sachs, Citi, Morgan Stanley, and Cantor named as the bookrunners for the offering. An initial price for the IPO has not yet been disclosed.
Financials Under the Microscope
The S-1 filing paints a challenging financial picture for the exchange, revealing weaker performance than previously known. Key financial details from the statement include:
Net Loss (First Half of 2025): The company reported a net loss of $282.5 million, a substantial increase from the $41.4 million loss recorded during the same period in the previous year.
Adjusted EBITDA: This metric swung from a positive 113.5 million loss** in the first half of 2025.
Full-Year 2024 Performance: For the full year 2024, Gemini logged a net loss of $158.5 million on $142.2 million in revenue.
These figures indicate growing financial headwinds for the company as it prepares to face the scrutiny of public market investors.
Navigating the Regulatory Landscape: A ‘Moonbase’ in Florida
In a significant strategic move, the filing reveals that Gemini will transition the majority of its users to a new Florida-based entity named “Moonbase.” Its original entity, Gemini Trust, will remain headquartered and regulated in New York State.
This restructuring appears to be a response to the challenging regulatory environment in New York, which enforces strict “BitLicense” rules for digital asset companies. The filing notes that Gemini currently offers crypto staking services to its users in every U.S. state except its home state of New York, highlighting the operational limitations of the current structure.
New Ripple Partnership and Market Position
Further details in the document outline a new credit facility established with Ripple. The agreement allows Gemini to draw up to $75 million, with the potential to scale to $150 million. Notably, once the initial commitment is surpassed, draws can be made in Ripple’s RLUSD stablecoin. According to the filing, no funds have been drawn from this credit line to date.
If Gemini’s IPO is successful, it will join a small but growing list of publicly-traded crypto exchanges in the United States. It would become the third such company, following industry leader Coinbase and the recently debuted Bullish, which began trading on the New York Stock Exchange (NYSE) this week. The move signals a clear intention by the Winklevoss-led firm to compete for capital and legitimacy on the public stage, despite its current financial challenges.
