- Gemini Trust filed for a U.S. initial public offering (IPO), aiming to be listed on the Nasdaq.
- The exchange reported increased net losses of $282.5 million and decreased revenue of $68.6 million for the first half of 2025.
- Major banks, Goldman Sachs and Citigroup, are leading the IPO offering.
- Gemini plans to use funds from the IPO to repay debt and invest in technology.
- A $75 million credit line from Ripple supports Gemini’s plans, with potential expansion to $150 million.
Gemini Trust, the cryptocurrency exchange founded by the Winklevoss twins, has filed to go public in the United States. The company submitted an initial public offering (IPO) filing in August, seeking to list its shares on the Nasdaq under the ticker symbol GMNI.
According to the filing, Gemini Trust posted a net loss of $282.5 million on revenue of $68.6 million for the first six months of 2025. For comparison, one year earlier the company reported a smaller loss of $41.4 million on $74.3 million in revenue. Goldman Sachs and Citigroup are managing the IPO process for the exchange.
The August 15 filing highlighted Gemini’s ongoing financial challenges amid a volatile digital asset market. “The question for investors regarding Gemini revolves around the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they do that Coinbase can’t copy by Tuesday,” said Michael Ashley Schulman, partner and CIO at Running Point Capital.
Other crypto exchanges have also gone public recently, with Bullish (BLSH) and Circle Internet Group both seeing early surges in their stock prices. Gemini stated that proceeds from the IPO will be put toward debt repayment and technology upgrades, similar to strategies used by Coinbase and Bullish. The company has a $75 million credit line from Ripple, with the option to expand it up to $150 million, to help cover current debts.
To read related market news, see this article: Jim Cramer Calls Paramount a ‘Meme Stock’, It Rises 36%.
Shares of Gemini could see volatility upon their debut, mirroring other digital asset companies. The company aims to attract investors with plans to strengthen its business model and technology investments as it enters the public market.
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