Overview

• Gemini has registered a public S-1 with the SEC to pursue an initial public offering on the Nasdaq Global Select Market under the ticker GEMI.
• The filing discloses a net loss of $282.5 million on revenue of $68.6 million for the six months ended June 30, 2025, compared with a $41.4 million loss on $74.3 million in revenue a year earlier.
• Despite 14.6 million verified users and roughly $18 billion in assets under custody, Gemini’s cash reserves fell from $341.5 million at the end of 2024 to $161.9 million by mid-2025.
• Gemini will issue Class A shares with one vote each while co-founders will retain Class B shares carrying ten votes apiece, preserving Winklevoss family control.
• Goldman Sachs, Citigroup, Morgan Stanley, Cantor Fitzgerald will act as lead bookrunners, with IPO proceeds designated for general corporate purposes and debt repayment.