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Gemini exchange applies for IPO as revenue declines and losses worsen
[Coin World] In recent months, cryptocurrency companies have increasingly dominated the initial public offering (IPO) space, with stablecoin issuer Circle and exchange Bullish making headlines. Bullish's debut on Wednesday made it the second publicly traded cryptocurrency exchange in the U.S., after a certain trading platform. Gemini hopes to be next. The company secretly filed its application in June and plans to trade on Nasdaq under the ticker "GEMI". Reports indicate that Gemini has hired Goldman Sachs and Citigroup to lead the underwriting and recently disclosed in its U.S. IPO application a decline in revenue for the first half of 2025 and an increase in losses. The document released on Friday left the issuance size blank—perhaps a number that Gemini is happy not to put on-chain.
For the six months ending June 30, the net loss was $282.5 million, with revenue of $68.6 million. In comparison, the company's loss in the same period last year was $41.4 million, with revenue of $74.3 million. Gemini stated that the proceeds from the IPO will be used for general operations and debt repayment. The company also issues and supports several stablecoins, and a new focus on the corner of Crypto Assets emerged after the passage of the GENIUS Act last month, which established a federal framework for tokens pegged to the dollar. Gemini itself minted Gemini Dollar (GUSD), designed to maintain a 1:1 peg to the dollar.
Gemini was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, and currently supports over 70 crypto assets in more than 60 countries/regions. The company has also doubled its investment in tokenized stocks in Europe, launching 14 new U.S. stocks—from Nike and McDonald's to Uber and Adobe—that can be traded around the clock. This move builds on its launch of tokenized stocks for EU customers in June, expanding access in the consumer, travel, and software sectors. Each asset is backed 1:1 by real stocks and issued on the Arbitrum network of Ethereum (ETH).