Gemini, the cryptocurrency exchange established by the Winklevoss twins, has officially filed an S‑1 registration for a U.S. IPO, signaling plans to list on Nasdaq under the ticker GEMI. The leading banks—Goldman Sachs and Citigroup—are spearheading the initial public offering, though specific details on share count and pricing remain undisclosed.
Financial disclosures reveal a troubling trajectory: in the first half of 2025, Gemini posted a net loss of $282.5 million on revenues of just $68.6 million, a stark contrast to the prior year’s performance, when losses were approximately $41.4 million on $74.3 million in revenue.
This IPO filing comes amid a resurgence of crypto IPO activity, following the likes of Circle and Bullish entering public markets. If successful, Gemini would become the third publicly listed crypto exchange in the U.S., joining Coinbase and Bullish.
Amid regulatory clarity and a favorable political climate, institutional investor enthusiasm for digital asset firms is growing. Still, critical scrutiny remains on whether Gemini can reverse its downward financial trend and carve out a competitive edge through services like custody, staking, and its Gemini Dollar stablecoin (GUSD).
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