The Winklevoss-founded exchange Gemini is the latest high-profile crypto company to file for an IPO listing in 2025.
Gemini published its S-1 statement, where details about its intention to go public were confirmed, last week. The firm initially submitted a confidential filing in June.
This move occurs against a backdrop of declining finances, with the crypto exchange reporting a net loss of $282.5 million on revenue of $68.6 million for the six months ended June 30, 2025, compared to a net loss of $41.4 million for the same period last year.
BREAKING:@Gemini has filed to go public on Nasdaq under the ticker $GEMI.
— Milk Road (@MilkRoadDaily) August 18, 2025
They’ve also entered into a credit agreement with Ripple to help raise funds for the IPO.
Crypto IPOs are officially taking over. pic.twitter.com/mC7JKyiJMn
Can Gemini’s $18B asset base attract investors?
According to the filing, Gemini plans to list on Nasdaq under the ticker “GEMI” and it has chosen Goldman Sachs and Citigroup as underwriters for the offering.
The exchange plans to allocate the proceeds from the IPO toward general corporate purposes and the repayment of third-party debt.
A critical detail within the filing is the establishment of a $75 million credit facility with Ripple, which includes an option to increase the total to $150 million. This credit facility arrangement can be drawn in Ripple’s newly launched RLUSD stablecoin.
Gemini maintains a diverse business model encompassing cryptocurrency trading, custody services for over 70 cryptocurrencies, and the operation of the Gemini Dollar (GUSD) stablecoin. Additional revenue streams include staking services, a crypto rewards credit card, institutional custody, and over-the-counter trading.
The filing shows the platform holds about $18 billion in assets, and transaction fees from volume-based trading accounted for roughly 65.5% of revenue in the period.
Gemini’s regulatory history features prominently in the filing. The document acknowledges that the U.S. SEC dropped charges related to the company’s Earn lending product filed in 2023, and the company paid $5 million to resolve a Commodity Futures Trading Commission (CFTC) lawsuit in January 2025, resolved without the admission of liability.
Gemini’s IPO comes amid heightened regulatory activity, including the signing of the U.S. GENIUS Act into law by President Donald Trump and the CLARITY Act, as it also follows several high-profile crypto listings, such as Circle and Bullish.
Founded by Tyler and Cameron Winklevoss (of Facebook fame) in 2014, Gemini has consistently emphasized its commitment to regulatory compliance and institutional-grade security standards.
