Gemini has reported a decline in revenues and an increase in losses during the first half of 2025, coinciding with a trend among digital asset firms looking to capitalize on the market by filing for US IPOs.
The specifics of the offer haven’t been revealed in the filing, which was made public recently.
For the first half of the year, Gemini recorded a net loss of $282.5 million alongside total revenues of $68.6 million. This contrasts sharply with a net loss of $41.4 million and revenues of $704.3 million during the same period last year.
IPO activities in the US have picked up recently after a slowdown attributed to uncertainties in trade policy earlier in the year.
Digital asset firms have notably captured attention in the IPO sector, including high-profile launches from Circle, a stablecoin issuer, and the cryptocurrency exchange Bullish.
Gemini’s recent debut marks it as the second cryptocurrency exchange to be listed in the US, following Coinbase Global. With this move, it becomes the third public crypto exchange overall.
Investors seem to have questions about Gemini’s business model, particularly regarding its trading and custody features, and how it differentiates itself from Coinbase, which, of course, can’t be replicated overnight.
Gemini indicated that funds raised from the IPO will be directed towards general corporate needs and possibly to settle some third-party commitments.
The exchange also supports stablecoins on its platform, a sector that has gained more visibility after the introduction of the Genius Act last month.
Gemini issues its own stablecoin, the Gemini Dollar (GUSD).
Founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, Gemini filed for its IPO confidentially back in June, and it plans to list on Nasdaq under the ticker “Gemi,” with Goldman Sachs and Citigroup serving as lead book runners.
The Winklevoss twins are best known for their legal battle with Facebook and its CEO, Mark Zuckerberg, over claims of intellectual property theft, which concluded in a settlement in 2008 involving cash and Facebook stock.
Regulatory push
The regulatory environment established during the Trump administration, along with greater institutional participation and rising ETF inflows, has bolstered trust among investors and has contributed to the mainstream integration of crypto finance.
This year has already seen significant developments, such as Coinbase becoming the first blockchain-focused company to be included in the S&P 500. Block, a platform simplifying Bitcoin purchases, joined the index as well in July.
This represents a broader transition in the industry that has been evolving for over a decade globally.
There’s a notable shift from speculation to sustainability. Institutional investors are increasingly focused on authentic clientele, compliant products, and long-term market integrity—elements that signal the maturation of the sector and may encourage other crypto companies to consider public listings.
