Catenaa, Thursday, August 21, 2025- Gemini, the New York-based crypto exchange founded by Tyler and Cameron Winklevoss, has filed an S-1 with the US Securities and Exchange Commission to go public on Nasdaq under the ticker GEMI.
The filing follows a confidential submission two months ago and signals the company’s entry into a growing wave of crypto IPOs amid strong investor interest.
Gemini reported mounting losses, posting a $282.5 million net deficit in the first half of 2025 on $67.9 million in revenue. Cash reserves fell to $161.9 million from $341.5 million at the end of 2024. The firm’s 2024 results also showed a $158.5 million loss on $142.2 million in revenue.
Major Wall Street banks, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald, are leading the IPO, with Academy Securities and AmeriVet Securities serving as co-managers.
The timing of the offering, the number of shares, and the expected price range remain undisclosed.
The IPO push comes amid a pro-crypto regulatory climate under President Donald Trump’s administration, following the SEC dropping key enforcement cases and advancing policies to broaden digital asset adoption.
Trump has also signed executive orders easing restrictions on crypto investments in 401(k) plans and curbing debanking practices against lawful crypto firms.
