On Friday, Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, filed to go public on Nasdaq even as losses deepened in the first half of 2025, marking the latest in a string of digital-asset firms moving onto U.S. stock exchanges.

IPO Filing Reveals Steep Losses

In a filing made public, Gemini reported a net loss of $282.5 million on $68.6 million in revenue for the six months ended June 30.

That compares with a $41.4 million loss on $74.3 million in revenue a year earlier. The company did not disclose offering terms, including valuation or the number of shares.

Proceeds from the IPO will go toward general corporate purposes and repayment of debt, the filing said. Gemini plans to list under the ticker symbol "GEMI" with Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C) serving as lead bookrunners.

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Riding Crypto IPO Momentum

The listing comes as U.S. IPO activity rebounds following a slowdown earlier this year tied to trade policy uncertainty. Crypto firms have been prominent in the recovery, with stablecoin issuer Circle Internet Group’s (NYSE:CRCL) and exchange Bullish (NYSE:BLSH) going public earlier this month.

Bullish's debut on Wednesday made it the second listed U.S. crypto exchange after Coinbase Global Inc (NASDAQ:COIN). Gemini will be the third once it completes its listing.

Stablecoin And Global Reach

Founded in 2014, Gemini supports over 70 cryptocurrencies and operates in more than 60 countries. The company also issues the Gemini Dollar (GUSD), a stablecoin pegged to the U.S. dollar.

The segment has drawn fresh attention following the signing of the GENIUS Act, a new law establishing a regulatory framework for stablecoins.

Regulatory Tailwinds Boost Sector

The IPO follows a broader shift in sentiment toward crypto under the President Donald Trump‘s administration, with regulatory clarity, ETF inflows and institutional adoption helping to integrate digital assets into mainstream finance.

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