The Gemini IPO filing shows the exchange’s $282.5M net loss and Ripple credit deal, as the Winklevoss-led firm eyes a Nasdaq listing under ticker GEMI.
Gemini Eyes Nasdaq Listing Despite Heavy Losses
The crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, could soon join Coinbase and Bakkt as a publicly traded firm. There has been a rising interest in searches like “Gemini IPO” and “Gemini IPO date”, reflecting retail curiosity around the move.
Gemini has filed with the Securities and Exchange Commission (SEC) to list its shares on Nasdaq under the ticker GEMI. The filing revealed a $282.5 million net loss in the first six months of 2025, alongside a $75 million credit deal with Ripple. This marks a crucial moment for Gemini as it navigates the crypto sector’s push for greater legitimacy in U.S. public markets.
Gemini Turns to Ripple as Losses Widen
Gemini’s latest financials underscore mounting pressure.
- Net loss H1 2025: $282.5M (vs. $41.4M in H1 2024)
- Revenue H1 2025: $67.9M (down from $74.3M in H1 2024)
- Full-year 2024 loss: $158.5M
To stabilize liquidity, Gemini signed a credit agreement with Ripple Labs in July 2025. The facility allows drawdowns starting at $5 million, with a ceiling of $75 million that could expand to $150 million if performance metrics are met. Borrowings may also be issued in Ripple’s RLUSD stablecoin, carrying interest rates of 6.5–8.5% and backed by collateral.
Crypto IPOs Surge in 2025
The Gemini IPO joins a wave of crypto listings on Wall Street. Circle listed on the NYSE in June after raising $1.2 billion, while Bullish went public in August. Analysts at Bitwise had earlier called 2025 “the year of the crypto IPO,” citing Gemini, Kraken, Chainalysis, and Figure as likely candidates.
With Donald Trump back in power, the political climate has turned more supportive for digital assets. Institutional confidence has also grown, with companies like Galaxy Digital shifting to Nasdaq and eToro expanding in the U.S.
Structure Reflects Gemini’s Regulatory Strategy
To manage regulatory headwinds, Gemini created a separate Florida-based entity, Moonbase, which will handle most customer activity, while Gemini Trust remains the regulated New York arm. This setup aims to bypass strict New York licensing rules that limit services such as staking, while keeping the firm competitive.
The upcoming Gemini IPO date will test investor confidence in this dual-entity approach. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are acting as lead bookrunners. Final IPO terms, however, remain undisclosed, and the SEC’s approval will be pivotal.
FAQs
Will Gemini crypto go public?
Yes, Gemini has filed for an IPO on Nasdaq under the ticker GEMI. The listing is pending SEC approval and favorable market conditions.
Is Gemini going to IPO?
Yes, Gemini’s filing confirms its intent to go public, potentially joining Coinbase and Bullish as one of the few U.S.-based crypto exchanges listed on stock markets.
Can I buy Ripple stock pre-IPO?
No, Ripple has not filed for an IPO yet. Ripple Labs remains a private company, though it has raised capital through institutional investors. Retail investors cannot buy Ripple stock pre-IPO. For more on Ripple’s market outlook, check our detailed XRP price prediction
