A quiet shift is happening in the world of digital assets. One of the industry’s long-standing players, Gemini, has taken another concrete step toward becoming a publicly traded company. It recently updated its registration statement for an initial public offering, or IPO, offering a peek behind the curtain.
- Gemini, a prominent digital asset exchange, is moving closer to becoming a publicly traded company by updating its IPO registration statement.
- The company has secured significant backing from major financial institutions, including Goldman Sachs and Citigroup, as lead bookrunners for its IPO, signaling growing Wall Street acceptance of crypto firms.
- Gemini’s financial performance shows mixed results, with revenue growth in 2024 but a decline in the first half of 2025, alongside significant net losses that have widened in the most recent reporting period.
This isn’t just another filing. Gemini announced some of the biggest names in traditional finance are helping lead the charge. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are all on board as lead bookrunners for the IPO. Think of bookrunners as the architects of the stock sale, helping to price the shares and find buyers.
The list of financial heavyweights doesn’t stop there. Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company, and Rosenblatt are also acting as bookrunners. Academy Securities and AmeriVet Securities join as co-managers. It’s quite the lineup, signaling a growing acceptance of crypto firms on Wall Street.
This updated S-1 filing, made public on a recent Friday, follows a confidential submission to the U.S. Securities and Exchange Commission back in June. It confirms that “Gemini Space Station,” the company co-founded by Cameron and Tyler Winklevoss, plans to sell an undisclosed number of Class A shares. The Winklevoss twins, known for their early involvement with Facebook and their pioneering work in crypto, are now guiding their exchange onto the public market.
So, what does the financial picture look like for Gemini as it prepares for this big move? The numbers offer a mixed view, a bit like watching a crypto chart on a volatile day. The company reported total revenue of $142.2 million in 2024. That’s a solid jump from the $98.1 million it pulled in during 2023. Growth, it seems, was certainly on the menu.
However, the first half of 2025 tells a slightly different story. For the six months ending June 30, 2025, Gemini’s total revenue was $68.6 million. This figure is down from $74.3 million in the first six months of 2024. It suggests a cooling period, perhaps reflecting broader market conditions or specific company challenges.
When we look at net losses, the trend is also interesting. In 2024, Gemini’s net loss stood at $158.6 million. This was a significant improvement from the $319.7 million loss recorded in 2023. Cutting losses by more than half in a single year is no small feat, especially in the often-turbulent crypto space.
But again, the first half of 2025 shows a reversal. The net loss for that period ballooned to $282.5 million. This figure indicates that the path to profitability remains a winding one. It’s a reminder that even established crypto firms face considerable headwinds.
Earnings before interest, taxes, depreciation, and amortization, or EBITDA, also reflect this pattern. For 2024, Gemini posted an EBITDA loss of $13.2 million. This is a much smaller loss than the net loss, as it strips out certain accounting items. However, for the first half of 2025, the EBITDA loss widened to $113.5 million. These figures paint a picture of a company still investing heavily, or perhaps grappling with operational costs, as it seeks to scale.
Like many companies stepping into the public spotlight, Gemini’s filing includes a section on risks. These aren’t just boilerplate warnings. They offer a candid look at the challenges inherent in the crypto industry. Gemini pointed to the general nature of blockchain networks and how banks and regulators view the industry. It’s a reminder that the regulatory landscape is still very much in flux.
The filing stated, “Key factors influencing the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology; regulatory and quasi-government restrictions on access to and operation of blockchain networks; and the maintenance of open source protocols that support blockchain networks.” This quote highlights the core uncertainties that any crypto business must contend with. It’s not just about building a good product; it’s about navigating an evolving ecosystem.
Gemini is hardly alone in its ambition to go public this year. We’ve seen a string of crypto companies making similar moves. Circle, the issuer of the popular USDC stablecoin, debuted on the NYSE earlier this year under the ticker CRCL. Trading platform eToro also went public as ETOR, exceeding its initial price range. Even CoinDesk’s parent company, Bullish, began trading as BLSH, seeing its shares more than double their IPO price.
And the trend continues. BitGo, a digital asset trust company, has also filed paperwork to go public. It seems the floodgates are opening, or at least cracking ajar, for crypto firms seeking mainstream financial validation. Each of these public listings adds another data point to the industry’s maturation story.
Gemini plans to list its Class A common stock on the Nasdaq Global Select Market. This is a significant exchange, home to many of the world’s leading technology companies. The chosen ticker symbol is GEMI. It’s a simple, direct choice, much like the company’s approach to its business.
What does this mean for the average crypto enthusiast, or even the curious observer? It means more transparency, more public scrutiny, and a clearer view into the financial health of these companies. It also means that traditional investors, perhaps those who once viewed crypto with skepticism, now have more avenues to participate. The lines between old finance and new finance continue to blur, one IPO at a time.
