Gemini IPO: Winklevoss Crypto Exchange Looks to Nasdaq with $400M Offering Despite Rising Losses

Gemini, founded by the Winklevoss twins, has filed for a U.S. IPO under the ticker GEMI—seeking up to $400 million as it navigates significant financial challenges and sector momentum.

Highlights:

1. Financial Snapshot

   • H1 2025: $282.5M net loss on $68.6M revenue

   • H1 2024: $41.4M loss on $74.3M revenue

2. Operational Scale

   • 523K transacting users

   • $24.8B trading volume

   • $18B+ in custody assets

3. IPO Mechanics & Underwriters

   • Leads: Goldman Sachs, Citigroup, Morgan Stanley, Cantor Fitzgerald

   • Proposed raise: up to $400M

   • Status: Listing on Nasdaq, symbol “GEMI”

4. Market Momentum

   • Follows successful crypto IPOs (Circle, Bullish)

   • Strong public and institutional interest in regulated crypto platforms

5. Strategic Implications

   • Capital for expansion and debt repayment

   • Boosted credibility in a competitive landscape

   • A test of investor appetite amid volatile financials