Cryptocurrency exchange Gemini has filed for a U.S. initial public offering (IPO), revealing widening losses in the first half of 2025 despite a broader rebound in digital asset listings. The company reported a net loss of $282.5 million on revenue of $68.6 million for the six months ending June 30, compared to a $41.4 million loss on $74.3 million in revenue a year earlier. The filing did not disclose key offering terms, but the move positions Gemini to become the third publicly traded crypto exchange in the U.S., following Coinbase and Bullish.
The U.S. IPO market has regained momentum in recent months after a slowdown earlier this year due to trade policy uncertainty. Digital asset firms have been at the forefront, with stablecoin issuer Circle and crypto exchange Bullish making high-profile debuts. Bullish’s listing this week marked the second major crypto exchange to go public after Coinbase. Analysts, however, question how Gemini will differentiate itself in a competitive market dominated by larger rivals.
Gemini’s platform supports over 70 cryptocurrencies and operates in more than 60 countries, but a key focus is its stablecoin business. The exchange issues the Gemini Dollar (GUSD), a dollar-pegged stablecoin that could benefit from the recently passed GENIUS Act, which establishes a U.S. regulatory framework for stablecoins. The company plans to use IPO proceeds for general corporate purposes and debt repayment.
Founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, Gemini plans to list on Nasdaq under the ticker “GEMI.” Goldman Sachs and Citigroup are leading the offering. The Winklevoss brothers gained fame for their legal battle against Meta (formerly Facebook), alleging that Mark Zuckerberg stole their social networking idea. Their 2008 settlement, which included cash and Facebook stock, helped fund their crypto ventures. Now, with this IPO, they aim to cement Gemini’s place in the evolving digital asset landscape—if they can convince investors of its long-term viability.
