Gemini IPO Filing Reveals Nasdaq Intentions

Gemini Space Station, Inc., the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has publicly filed for an initial public offering (IPO), signaling its ambition to become a publicly traded company. The move comes as the U.S. IPO market shows signs of revival, particularly within the digital asset sector.

Gemini intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “GEMI.”

The company's IPO filing reveals a complex financial picture. For the first half of 2025, Gemini reported a net loss of $282.5 million on revenue of $68.6 million. This contrasts sharply with the same period in 2024, when the company reported a net loss of $41.4 million on revenue of $74.3 million.

The widening losses and declining revenue present a challenge as Gemini seeks to attract investors in the public markets. Goldman Sachs and Citigroup are acting as lead bookrunners for the offering, with Morgan Stanley and Cantor also participating in the lead role. The number of shares to be offered and the price range have yet to be determined.

Prior to the public filing, Gemini confidentially submitted a draft registration statement to the SEC in June 2025. This followed the SEC's decision to conclude its investigation into the company without recommending enforcement action. Further, a $5 million settlement with the Commodity Futures Trading Commission (CFTC) in January 2025, has seemingly cleared significant regulatory hurdles, paving the way for the IPO. These regulatory resolutions have provided Gemini with a clearer path toward its public listing.

Gemini's IPO ambitions arrive amidst a broader resurgence in the U.S. IPO market, especially for cryptocurrency-related companies. Stablecoin issuer Circle Internet Group recently went public, witnessing a substantial surge in its stock price on its first day of trading, leading to a valuation exceeding $31 billion.

Similarly, crypto exchange Bullish raised $1.1 billion in its IPO earlier this month, with shares more than doubling from the initial offering price. These successful market entries reflect growing investor confidence in digital asset firms and could positively influence the market's reception to Gemini's IPO.

In July, Gemini entered into a credit agreement with Ripple, securing a facility worth up to $75 million, payable in Ripple's RLUSD stablecoin. This strategic financial move provides Gemini with additional liquidity as it prepares for its IPO and underscores the company's efforts to strengthen its financial position amidst a competitive and rapidly evolving cryptocurrency market.