Gemini reported a $282.5M loss in the first half of 2025, up from $41.3M in 2024.
Most user accounts will shift to Florida-based Moonbase, with Gemini Trust staying in New York.
Ripple credit deal offers up to $75M in RLUSD, expandable to $150M.
Crypto exchange Gemini has moved closer to becoming the third publicly traded crypto exchange in the United States. The company’s public S-1 registration, filed with the Securities and Exchange Commission, shows plans to list shares on the Nasdaq under the ticker symbol GEMI. The filing comes after an earlier confidential submission in June and outlines a shift in operational structure alongside a notable revenue decline.
Net Loss Widens in 2025 as Corporate Structure Changes
Confirmed by an X post by Marty Party, the filing details a steep financial downturn for the first half of 2025. Gemini reported a net loss of $282.5 million, up from $41.3 million during the same period in 2024. Adjusted EBITDA swung from $32 million in earnings to a $113.5 million loss over the same periods. For the full year 2024, Gemini recorded $142.2 million in revenue and a net loss of $158.5 million.
https://twitter.com/martypartymusic/status/1956481952292454741
The decline reflects a shift in performance, which will now be a focal point for prospective investors. The S-1 outlines plans to move most of exchange customer accounts to a Florida-based entity named Moonbase. Gemini Trust will continue operating in New York, where the company is currently headquartered. The move follows New York’s tighter cryptocurrency regulations under its BitLicense framework.
The exchange continues to offer staking services in the U.S., excluding New York residents. This restructuring appears aimed at separating certain business functions across state lines, potentially aligning operations with varying regulatory requirements. Moonbase will oversee the bulk of customer activity, while Gemini Trust retains its existing New York operations.
Credit Facility Agreement with Ripple
The filing also discloses a new financing arrangement with Ripple. Under the July 2025 credit agreement, the exchange can access up to $75 million in Ripple’s RLUSD stablecoin. The agreement includes a provision to extend the facility to $150 million once the initial commitment is fully used. As of the filing date, Gemini had not drawn any funds from the facility.
The credit line marks a notable partnership between the two companies, with funding denominated in a blockchain-based stablecoin instead of traditional currency. The upcoming Nasdaq debut will be managed by Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald as lead underwriters. Gemini has not yet disclosed its target IPO price.
If completed, the listing will make Gemini the third crypto exchange traded on a major U.S. stock exchange, joining Coinbase and Bullish. Bullish began trading on the New York Stock Exchange earlier this week. Founded by Cameron and Tyler Winklevoss, Gemini’s public offering would place it in a growing group of digital asset platforms seeking broader market participation through public listings.
