Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has officially taken a big step toward becoming a public company. On August 15, the U.S. Securities and Exchange Commission (SEC) published Gemini’s S-1 registration statement. The filing gives investors and the public a clearer view of the company’s finances, business, and IPO plans. It also highlights both the opportunities and the challenges Gemini faces as it prepares to compete with exchanges like Coinbase and Bullish. Gemini’s Plan for a Nasdaq Listing Gemini first submitted a draft registration to the SEC in private in June 2025. Now, the publicly released document shows the company’s intentions to become a public company. If approved, Gemini plans to list its stock on the Nasdaq Stock Exchange under the ticker symbol “GEMI”. The filing also revealed the major banks behind the IPO process. Goldman Sachs, Citi, Morgan Stanley, and Cantor will act as bookrunners. This means they will manage the offering, set pricing, and help bring investors on board. The filing does not yet include an IPO price or timeline. However, Gemini’s entry into the market would make it the third U.S.-listed crypto exchange. It follows Coinbase, which went public in 2021, and Bullish, which debuted on the New York Stock Exchange (NYSE) earlier this week. Financial Results Show Heavy Losses The S-1 filing gives a clear look at Gemini’s finances, showing that the company is facing serious challenges. In the first half of 2025, Gemini reported a net loss of $282.5 million, a big jump from the $41.4 million loss in the same period of 2024. Its adjusted EBITDA also fell sharply, moving from a $32 million profit in early 2024 to a $113.5 million loss in 2025. For the full year 2024, Gemini posted a net loss of $158.5 million on $142.2 million in revenue. These results show that even with a well-known brand and long presence in the crypto space, Gemini is still struggling to make a profit. The IPO may be a way to bring in new funds to support its operations and growth. Gemini Set to Move Users from New York to Florida Gemini plans to move most users to a new Florida-based unit called Moonbase, while Gemini Trust stays in New York. The shift comes because New York has strict crypto rules under its BitLicense framework. By moving to Florida, Gemini hopes for a simpler environment to grow its business. To add more flexibility, Gemini has secured a $75 million credit line from Ripple, which could grow to $150 million if needed. The loan is in Ripple’s new stablecoin, RLUSD, which has gained widespread adoption and popularity . Gemini has not used the funds yet, but it gives the company a backup plan as it works on its IPO. The post Gemini Aims for Nasdaq Listing with 2025 IPO Bid appeared first on TheCoinrise.com .
