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Gemini aims for Nasdaq listing despite widening losses
Gemini, the crypto exchange founded by twins Tyler and Cameron Winklevoss, is moving forward with plans to go public even as financials show deepening losses. The firm confidentially filed for a U.S. IPO in June and intends to list on Nasdaq under the ticker GEMI. Gemini has appointed Goldman Sachs and Citigroup to lead the offering, signaling its ambition to join the ranks of public crypto companies alongside Coinbase and Bullish.
What the IPO filing reveals
Revenue decline and heavier net losses
In its recent U.S. IPO filing, Gemini disclosed that revenue decreased and net losses widened in the first half of 2025. For the six months ended June 30, the exchange posted revenue of $68.6 million and a net loss of $282.5 million. That compares with a $41.4 million loss on $74.3 million in revenue for the same period last year. The company left the offering size unspecified in the filing.
Use of proceeds and strategic focus
Gemini said proceeds from the listing will be allocated to general operations and debt repayment. The exchange also emphasized its work in stablecoins and tokenized assets, areas that have drawn fresh regulatory and market attention following the passage of the GENIUS Act, which establishes a federal framework for dollar-pegged tokens.
Stablecoins, tokenized stocks, and global expansion
Gemini issues the Gemini Dollar (GUSD), a stablecoin designed to remain pegged 1-to-1 with the U.S. dollar. Beyond stablecoins, the company has expanded its tokenized equities program in Europe, adding 14 new U.S. stocks — including names like Nike, McDonald’s, Uber, and Adobe — tradable 24/7. Each tokenized share is reportedly backed 1:1 by real shares and issued on the Ethereum Arbitrum network, blending blockchain settlement with traditional equity exposure.
Market positioning and investor considerations
Cryptocurrency firms have recently dominated IPO headlines, with Circle and Bullish also pursuing public listings. Bullish’s debut made it the second U.S. crypto exchange to list after Coinbase. For investors, Gemini’s public-market bet brings potential upside from product expansion and tokenized assets but also heightened scrutiny over sustained operating losses and regulatory risk. As the Winklevoss-led firm presses forward, market participants will watch how its Nasdaq debut balances growth ambitions, capital needs, and regulatory compliance in the evolving crypto landscape.
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