Gemini Pursues Nasdaq Public Listing Amid $282 Million Losses in 2025

Gemini has submitted an S-1 registration statement to the US Securities and Exchange Commission, with plans to go public on the Nasdaq Global Select Market under the ticker GEMI.

Key Takeaways:

• Gemini has applied for a listing on Nasdaq with the ticker GEMI, supported by prominent Wall Street banks leading the IPO.
• The firm is experiencing increasing losses, reporting a net loss of $282.5 million in the first half of 2025 as its cash reserves diminish.
• This filing occurs amid strong demand from investors for crypto IPOs, following significant launches by Circle and Bullish.

This action follows a confidential filing made by the New York-based cryptocurrency exchange and custodian two months prior.

Wall Street Giants Line Up to Lead Deal

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will spearhead the deal, with Academy Securities and AmeriVet Securities serving as co-managers.

The filing comes at a time of increased investor enthusiasm for crypto listings. Circle’s debut in June saw its shares soar nearly tenfold from the $31 offering price before stabilizing at $149.

Earlier this week, institutional exchange Bullish saw its shares more than triple from the $37 IPO price on its inaugural trading day, closing near $70 on Friday.

Other cryptocurrency companies, including OKX, Grayscale, and Kraken, have either indicated or started plans to go public. Meanwhile, publicly traded industry leaders like Coinbase and MicroStrategy have recently reached multi-year highs.

However, Gemini’s financial situation reveals escalating losses. The company reported a net loss of $158.5 million against $142.2 million in revenue for 2024.

Losses intensified in the first half of 2025, amounting to $282.5 million on $67.9 million in revenue. Cash reserves decreased from $341.5 million at the end of 2024 to $161.9 million by mid-2025.

Gemini must be desperate for an IPO as these are some terrible results given crypto market growth the past year. Must just be losing market share pic.twitter.com/jKvwAC4Sn8

— guleid (@riddle245) August 15, 2025

Last month, Tyler Winklevoss stated that JPMorgan Chase halted the onboarding process for the crypto exchange after he publicly criticized the bank’s new policy regarding access to financial data.

Winklevoss mentioned that JPMorgan reacted to his recent remarks by stopping Gemini’s re-onboarding, a process the bank had started after previously severing ties during what Winklevoss termed “Operation ChokePoint 2.0.”

This fallout followed a Bloomberg report that disclosed JPMorgan’s intentions to begin charging fintech companies for access to customer banking data.

Gemini’s IPO Drive Rides Wave of Pro-Crypto Shift Under Trump

The IPO initiative comes as the regulatory environment becomes more favorable towards digital assets. Since President Trump’s return to office in January, the SEC has dismissed most cases against cryptocurrency firms.

The Trump administration has also pushed its pro-crypto agenda through various policy and regulatory actions.

President Trump signed an executive order encouraging regulators to eliminate obstacles that hinder 401(k) plans from incorporating alternative assets like cryptocurrencies.

If enacted, these reforms could enable millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated avenues.

Trump also nominated economist Stephen Miran, a proponent of digital assets, to the Federal Reserve Board of Governors, indicating a continuation of his administration’s pro-crypto position.

This announcement coincided with Bitcoin rising back above $117,000, underscoring the connection between policy changes and market sentiment.

In a separate executive order, Trump sought to end “debanking” practices that target legitimate crypto firms.

The post Gemini Seeks Public Listing on Nasdaq Despite $282M in Losses So Far in 2025 appeared first on Cryptonews.