Losses mount, Winklevii bet on public markets

Cryptocurrency firms have increasingly dominated the IPO landscape in recent months, with stablecoin issuer Circle and exchange Bullish grabbing headlines. Bullish’s debut on Wednesday made it only the second publicly traded crypto exchange in the U.S., after Coinbase Global.

Gemini wants to be next.

Gemini’s IPO pitch comes with heavy losses attached

The firm confidentially filed in June and plans to trade on Nasdaq under the ticker “GEMI.”

Gemini, which hired Goldman Sachs and Citigroup to lead the underwriting, recently disclosed in its U.S. IPO filing that revenue fell and losses deepened in the first half of 2025, Reuters reports.

The filing, released Friday, left the offering size blank — perhaps the one number Gemini is happy not to put on-chain. Net loss came in at $282.5 million on $68.6 million in revenue for the six months ended June 30. Compare that to the firm’s $41.4 million loss on $74.3 million a year earlier.

Proceeds from the listing will be used for general operations and debt repayment, Gemini said. The firm also issues and supports several stablecoins, a corner of crypto freshly spotlighted after last month’s passage of the GENIUS Act, which sets a federal framework for dollar-pegged tokens.

Gemini itself mints the Gemini Dollar (GUSD), which is designed to remain pegged 1-to-1 with the U.S. dollar.

Gemini isn’t exclusive to the U.S.

Founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, Gemini now supports more than 70 cryptocurrencies across 60-plus countries.

The company is also doubling down on tokenized stocks in Europe, rolling out 14 new U.S. equities — from Nike and McDonald’s to Uber and Adobe — that can be traded around the clock.

The move builds on its June debut of tokenized equities for EU customers, broadening access across the consumer, travel, and software sectors. Each asset is backed 1:1 by real shares and issued on Ethereum’s (ETH) Arbitrum network.