Gemini Files for Nasdaq IPO Despite Widening Losses in 2025

Crypto exchange Gemini has officially filed its S-1 with the U.S. Securities and Exchange Commission, revealing fresh details about its long-anticipated initial public offering (IPO).

The move positions Gemini as the latest digital asset firm seeking a public listing in 2025.

According to the filing, Gemini plans to list its shares on the Nasdaq under the ticker GEMI. The IPO price has not yet been disclosed. Leading the offering will be Goldman Sachs, Citi, Morgan Stanley, and Cantor Fitzgerald, who are serving as bookrunners.

While the IPO marks a major step forward, Gemini’s financials highlight mounting challenges. The exchange reported a net loss of $282.5 million in the first half of 2025, a sharp increase from a $41.4 million loss during the same period in 2024. Adjusted EBITDA swung from $32 million in earnings last year to a $113.5 million loss this year. For the full year 2024, Gemini posted a net loss of $158.5 million on $142.2 million in revenue.

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The S-1 also disclosed a structural shift in the company’s operations. Most users will be migrated to a Florida-based entity called Moonbase, while Gemini Trust will continue to operate in New York. The restructuring reflects efforts to optimize compliance and operational costs as the company moves toward a public listing.

Despite its deepening losses, Gemini’s IPO will be closely watched by Wall Street and the crypto industry, as investor appetite for digital asset firms in public markets remains a litmus test for confidence in the sector.