Gemini Aims for Nasdaq IPO Amid Revenue Decline and Growing Losses
Cryptocurrency companies are making waves in the IPO market. Circle, a stablecoin creator, and exchange bullish have already grabbed attention. Bullish launched on Wednesday, becoming the second publicly traded crypto exchange in the U.S., following Coinbase Global. Now, Gemini is aiming to join them.
Gemini secretly filed for an IPO in June and hopes to list on Nasdaq under the ticker “GEMI.” The company has enlisted Goldman Sachs and Citigroup to manage the underwriting process. However, its U.S. IPO filing revealed some concerning financial details. According to Reuters, Gemini’s revenue dropped in the first half of 2025, with net losses reaching $282.5 million, despite generating just $68.6 million in revenue.
- Revenue decreased compared to the previous year.
- Net losses increased significantly in H1 2025.
Despite these challenges, Gemini plans to use funds from the IPO for operational expenses and to repay debts. The company is also deeply involved in the stablecoin market, issuing the Gemini Dollar (GUSD), which aims to stay pegged to the U.S. dollar. This focus aligns with the recent GENIUS Act, establishing federal rules for such tokens.
Gemini, founded in 2014 by the Winklevoss twins, operates globally, supporting over 70 cryptocurrencies in 60 countries. The firm is extending its reach further with tokenized stocks in Europe, introducing 14 new U.S. equities like Nike and McDonald’s, available for round-the-clock trading.
