Overview

• Gemini submitted its S-1 on August 15 to list on Nasdaq under ticker GEMI, with Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald as lead bookrunners.
• The cryptocurrency exchange reported a net loss of $282.5 million for the first half of 2025 and total revenue of $67.9 million, down from $74.3 million a year earlier.
• Its filing disclosed a July credit agreement with Ripple Labs that permits secured borrowing requests up to an aggregate $75 million commitment.
• Gemini said it will use IPO proceeds for general corporate purposes, to strengthen cash reserves and pay down third-party debt, subject to SEC review and market conditions.
• With about $18 billion in assets under custody, 523,000 monthly active users and 10,000 institutional clients, it would become the third U.S. publicly traded crypto exchange after Coinbase and Bullish if the offering completes.