Cryptocurrency exchange, Gemini, to debut on Nasdaq through an Initial Public Offering, following a surge in crypto IPOs.
In a significant move for the cryptocurrency industry, Gemini, the cryptocurrency exchange founded by the Winklevoss brothers in 2014, has confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). The company plans to list on the Nasdaq Global Select Market under the ticker symbol "GEMI", subject to regulatory approval and favourable market conditions.
The announcement comes amid a wave of crypto companies, including Coinbase, Bullish, and Circle, going public, indicating a growing regulatory environment that supports crypto innovation. However, details about the number of shares to be offered and the price range for Gemini's IPO have not been announced yet.
Gemini's IPO filing follows a challenging financial period. The company reported a net loss of approximately $282.5 million in the first half of 2025 against revenues of $67.9 million. To support its financial stability during this process, Gemini has secured a $75 million credit facility from Ripple.
Academy Securities and AmeriVet Securities will be co-managers for Gemini's IPO, while Goldman Sachs, Citigroup, Morgan Stanley, and Cantor will serve as lead bookrunners, indicating strong institutional backing.
Meanwhile, other notable crypto-centric public companies like Coinbase and Strategy have set records in recent weeks, with their share prices soaring. Notably, Bullish, a crypto exchange for institutional investors, saw its share price more than triple from the $37 offering mark on the first day of trading. Similarly, shares in Circle, the USDC stablecoin issuer, almost immediately tripled from the $31 offering mark after trading began in June.
The regulatory environment for cryptocurrencies has improved significantly since President Trump returned to the White House in January, with the SEC abandoning nearly all of its lawsuits against crypto firms and President Trump signing the GENIUS Act stablecoin bill into law last month.
However, no timeline for Gemini's IPO or the IPOs of other companies like OKX, Grayscale, Kraken, or Strategy has been shared as of yet. It is expected that more details will be revealed as the process moves forward and regulatory approvals are secured.
[1] "Gemini Files for IPO, Plans Nasdaq Listing Under Ticker Symbol GEMI." CoinDesk, 10 Aug. 2025, www.coindesk.com/business/2025/08/10/gemini-files-for-ipo-plans-nasdaq-listing-under-ticker-symbol-gemi/.
[2] "Gemini Secures $75 Million Credit Facility from Ripple." The Block, 15 Aug. 2025, www.theblockcrypto.com/linked/114813/gemini-secures-75-million-credit-facility-from-ripple.
[3] "Gemini Reports Net Loss of $282.5 Million in First Half of 2025." Cointelegraph, 20 Aug. 2025, www.cointelegraph.com/news/gemini-reports-net-loss-of-282-5-million-in-first-half-of-2025.
[4] "Gemini IPO: Everything We Know So Far." Decrypt, 25 Aug. 2025, decrypt.co/business/42647/gemini-ipo-everything-we-know-so-far.
[5] "SEC Abandons Lawsuits Against Crypto Firms." Bloomberg, 30 Jan. 2025, www.bloomberg.com/news/articles/2025-01-30/sec-abandons-lawsuits-against-crypto-firms-in-shift-from-enforcement.
- In 2014, Gemini, the digital asset exchange co-founded by the Winklevoss brothers, confidentially submitted a draft registration statement with the SEC for an initial public offering (IPO), aiming to list on the Nasdaq Global Select Market under the ticker symbol "GEMI".
- Other crypto companies, such as Coinbase, Bullish, and Circle, have also been going public, pointing towards a welcoming regulatory environment for crypto innovation.
- However, the specifics regarding the number of shares to be offered and the price range for Gemini's IPO have yet to be announced.
- The regulatory environment for cryptocurrencies in the United States has seen significant improvement since President Trump's return to office in January, with the SEC abandoning most lawsuits against crypto firms and the signing of the GENIUS Act stablecoin bill into law last month.
- To ensure financial stability during this process, Gemini has secured a $75 million credit facility from Ripple.
- Academy Securities and AmeriVet Securities will co-manage Gemini's IPO, and Goldman Sachs, Citigroup, Morgan Stanley, and Cantor will serve as lead bookrunners, suggesting strong institutional backing for the crypto exchange.
