Crypto exchange Gemini reveals lower revenue and wider loss in US IPO filing

A Closer Look at Gemini's Financial Health

Cryptocurrency exchange Gemini has filed for a U.S. IPO, revealing a net loss of $282.5 million on revenue of $68.6 million for the first half of 2025. This marks a significant downturn from the same period in 2024, where the company reported a net loss of $41.4 million on $74.3 million in revenue. Despite these financial challenges, Gemini is proceeding with plans to list on Nasdaq under the ticker 'GEMI'. Founded in 2014 by Tyler and Cameron Winklevoss, Gemini supports over 70 cryptocurrencies and operates in more than 60 countries. If successful, it will become the third publicly listed cryptocurrency exchange in the U.S., following Coinbase and Bullish. Goldman Sachs and Citigroup are leading the IPO underwriting. This move comes amid a broader recovery in the IPO market, signaling Gemini's confidence in its future prospects despite current financial setbacks.