Gemini has taken a bold step in its pursuit of public trading status. The well-known cryptocurrency exchange has filed an updated registration statement for its much-anticipated initial public offering.
Within this updated filing, Gemini revealed its leadership choices for the crucial IPO process. Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald have been chosen as the lead bookrunners guiding the company to its public debut.
Other prominent financial institutions such as Evercore ISI, Mizuho, Truist Securities, Cohen and Company Capital Markets, Keefe Bruyette and Woods, Needham and Company, as well as Rosenblatt, are also acting as bookrunners in the deal.
Academy Securities and AmeriVet Securities are onboard as co-managers. Gemini has clearly prioritized bringing major Wall Street expertise to its IPO.
Founded by Cameron and Tyler Winklevoss, Gemini’s move was preceded by a confidential submission to US regulators in June. The startup, sometimes called Gemini Space Station in disclosures, has now confirmed its intent to offer Class A shares through the Nasdaq Global Select Market under the ticker GEMI.
While the number of shares slated for sale remains unknown, the S-1 document lays out several financial details for investors to consider. Revenue in 2024 rose to $142.2 million, up from $98.1 million in the previous year.
Yet results for the first half of 2025 tell a different story. Gemini’s revenue for the six months ended June 30, 2025, fell to $68.6 million. That’s a decrease compared to $74.3 million during the same period in 2024.
Despite growing revenue in 2024, the company still posted a net loss for the year of $158.6 million. The previous year’s net loss was notably higher at $319.7 million. In the initial six months of 2025, Gemini reported a net loss totaling $282.5 million.
According to the same filing, earnings before interest, taxes, depreciation and amortization (EBITDA) came in at a loss of $13.2 million for all of 2024. For the first half of 2025, that loss figure grew to $113.5 million.
Gemini’s management has cited a number of risks that could affect both the firm’s business and the wider blockchain industry. Regulatory uncertainty, the evolving attitude of global banks and the essential nature of open source protocols are all factors shaping the space.
Rapid adoption of blockchain-based assets and the regulatory framework around them can significantly impact companies navigating public markets. Interest in cloud-based mining has also surged, with platforms allowing newcomers to Start Cloud Mining without investing in hardware or facing complex setup processes.
Gemini joins a growing list of cryptocurrency firms seeking the capital markets spotlight in 2025. Earlier this year, Circle arrived on the New York Stock Exchange, with eToro and crypto exchange Bullish all making high-profile debuts. BitGo has also begun the process in hopes of listing soon.
The Winklevoss-backed platform’s push to become a public company comes at a time of continued expansion and consolidation within the digital asset space. Achieving a successful IPO could provide greater financial flexibility and broaden investor access to a rapidly growing sector.
Gemini’s road to Wall Street is being closely watched by both cryptocurrency enthusiasts and traditional finance observers. A successful listing may not only strengthen its position, but also demonstrate that digital asset companies can thrive under the intense scrutiny of public markets.
The move toward public ownership must still overcome hurdles, most notably market volatility and the unique regulatory landscape that digital asset exchanges encounter. The leadership team’s selection of high profile bookrunners illustrates a determination to maximize credibility with institutional investors.
In the current climate, attention will remain on how Gemini tackles losses, drives future revenue growth and responds to the evolving expectations of both retail and professional investors.
Conclusion
Gemini’s IPO journey represents more than just the ambitions of one crypto exchange. The company’s updated registration statement has highlighted both opportunities and challenges facing firms at the intersection of finance and technology. Its detailed financial reporting and careful choice of banking partners show a readiness to meet the standards demanded by the public markets.
As the IPO process unfolds, Gemini is positioned to shape broader attitudes toward digital assets among the investment community. The path it sets may influence how future projects approach growth, regulation and long-term sustainability in an increasingly digital economy.
Ewan’s fascination with cryptocurrency started through his curiosity about innovative technologies reshaping the financial world. Over the past four years, he has specialized in cloud mining and crypto asset management, diving deep into mining contracts, profitability analysis, and emerging trends. Ewan is dedicated to helping readers understand the technical and economic aspects of crypto mining, making complex information accessible and actionable.
