Gemini, the cryptocurrency exchange started by brothers Cameron and Tyler Winklevoss, just filed paperwork with the U.S. Securities and Exchange Commission, known as the SEC. This S-1 declaration signals their plan to go public in 2025. It means Gemini aims to join other crypto companies on U.S. stock markets next year.
The company wants to list its shares on the Nasdaq exchange. They plan to use the ticker symbol GEMI. While the filing didn’t name a price for the shares, it did confirm the big banks helping with the process. Goldman Sachs, Citi, Morgan Stanley, and Cantor are all on board to lead the public offering.
Money Matters: A Look at the Books
The financial figures included in Gemini’s filing surprised many. The document shows the company lost a lot of money in the first half of 2025. Specifically, they posted a net loss of $282.5 million. This is a sharp increase from the $41.4 million they lost in the first half of 2024. It certainly makes you wonder what changed so drastically year over year.
Their adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, also took a hit. It swung from a positive income of $32 million in 2024 to a loss of $113.5 million in 2025. For the entire year of 2024, the company recorded a net loss of $158.5 million, with only $142.2 million in income. These numbers show how tough the market has been. Gemini is struggling to stay profitable against strong competition and tighter rules.
Big Business Changes Ahead
The filing also laid out a major shake-up in how Gemini runs its business. Most of Gemini’s users will move to a new company called “Moonbase,” which will be based in Florida. Meanwhile, Gemini Trust will keep operating in New York. New York’s crypto rules, called BitLicense, are known as some of the strictest in the United States.
The company mentioned that its staking services are available across the country, but not in New York. This is important because New York is where Gemini’s main office is located. Moving most operations to Florida could help the company deal with regulations more easily. It seems like a strategic play to navigate tough rules.
New Credit Line with Ripple
Another interesting detail in the document is a new credit line with Ripple. The initial agreement allows Gemini to borrow up to $75 million. This amount could grow to $150 million. The credit is available in RLUSD, which is Ripple’s stablecoin. So far, Gemini has not used any of this money. This agreement shows Gemini’s effort to find more ways to get cash. It’s a smart move in today’s tough and competitive market.
Joining the Public Market
If Gemini’s public offering goes through, it will be the third cryptocurrency exchange to trade publicly in the United States. Coinbase led the way, debuting in 2021. Bullish, another exchange, just started trading on the New York Stock Exchange this week. Gemini was founded in 2014. The company is well-known for its crypto services. Its founders also gained fame for their early fight with Mark Zuckerberg over Facebook.
The Gemini IPO will be watched closely by both the financial world and the crypto industry. It marks a new step in how the blockchain business connects with traditional stock markets. However, the company’s negative financial results are a big hurdle. They will need to convince investors in a market that is still up and down.