Gemini, a popular crypto exchange, has recently filed an updated registration statement for its initial public offering (IPO) effort, providing more insight into its journey towards becoming a publicly traded company. The company has enlisted the help of major financial institutions such as Goldman Sachs, Citigroup, Morgan Stanley, and Cantor as lead bookrunners for the IPO, along with other firms like Evercore ISI, Mizuho, and Truist Securities, among others, acting as bookrunners and co-managers.
The S-1 filing published by Gemini reveals that the company, co-founded by Cameron and Tyler Winklevoss, plans to sell an undisclosed number of Class A shares to the public. In terms of financial performance, Gemini reported total revenue of $142.2 million in 2024, a significant increase from $98.1 million in the previous year. However, for the first half of 2025, the company’s total revenue dipped to $68.6 million from $74.3 million in the same period in 2024.
While Gemini saw a net loss of $158.6 million in 2024, an improvement from $319.7 million in 2023, its net loss for the first half of 2025 was $282.5 million. The company also reported negative earnings before interest, taxes, depreciation, and amortization figures for both 2024 and the first half of 2025.
As with other crypto firms, Gemini highlighted various risks associated with the industry in its filing, including regulatory uncertainties and the evolving nature of blockchain technology. The company emphasized the importance of global adoption of digital assets, regulatory restrictions, and the maintenance of open-source protocols for blockchain networks.
Gemini’s move to go public follows a trend in the crypto industry, with companies like Circle, eToro, and BitGo also looking to enter the public market. Gemini plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI, signaling its commitment to transparency and growth in the evolving landscape of digital assets.