Gemini has announced details of its initial public offering (IPO) with plans to list on Nasdaq under the ticker GEMI.
The latest financial report shows that the company recorded a significant net loss in the first half of 2025, while Gemini plans to transfer most users to an entity based in Florida to optimize regulations from various states.
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Gemini filed for an IPO with the ticker symbol GEMI on Nasdaq.
The company reported a net loss of 282.5 million USD in the first half of 2025, and adjusted EBITDA also suffered a loss.
Gemini has a credit agreement of 75 million USD with Ripple through the stablecoin RLUSD.
What has Gemini announced about its IPO?
Gemini officially revealed its IPO filing, seeking to list shares on Nasdaq with the ticker GEMI, marking a significant step forward in the capital market in the United States.
Previously, the registration filing was submitted confidentially in early June 2025. This is confirmed information from the disclosure documents; however, the IPO price has not yet been disclosed. This event promises to make Gemini the 3rd publicly listed cryptocurrency exchange in the United States, following Coinbase and Bullish.
What is the financial situation of Gemini in the first half of 2025?
Gemini reported a net loss of 282.5 million USD in the first six months of 2025, an increase from a loss of 41.4 million USD in the same period last year, indicating a severe financial decline.
Gemini's adjusted EBITDA also fell from a profit of 32 million USD to a loss of 113.5 million USD in the same period. In 2024, the company achieved revenue of 142.2 million USD but still incurred a net loss of 158.5 million USD. These figures indicate that cost pressures and operational challenges are significantly impacting Gemini's profitability.
What changes has Gemini made regarding user structure and regulations?
Gemini announced it will transfer most users to an entity based in Florida named 'Moonbase', while Gemini Trust remains headquartered in New York.
This move is explained by New York's strict regulatory measures for cryptocurrency companies under the BitLicense law. Gemini offers staking services to users in most states, but this is not applied in New York. The user transfer aims to optimize operations and comply with regulations in different states.
What are the details of Gemini's credit agreement with Ripple?
The IPO filing document reveals the credit agreement with Ripple signed in July 2025, worth up to 75 million USD, paid in Ripple's stablecoin RLUSD.
This helps Gemini increase its operational capital flexibly by using stablecoins while laying the groundwork for strategic cooperation between both parties in the increasingly competitive cryptocurrency market.
Listing on Nasdaq demonstrates Gemini's commitment to scaling and providing transparency in reporting to investors.
Blockchain market analyst, 2025
Frequently Asked Questions
On which exchange does Gemini plan to list its shares?
Gemini will list on Nasdaq with the ticker symbol GEMI, according to the public IPO filing.
How has Gemini's financial performance been recently?
The company suffered a net loss of 282.5 million USD in the first half of 2025, with adjusted EBITDA shifting from profit to a loss of 113.5 million USD.
Why is Gemini transferring users to an entity in Florida?
To comply with strict regulations in New York and optimize operations according to the laws of other states.
What is the value of the credit agreement with Ripple?
The agreement is worth up to 75 million USD, paid in Ripple's stablecoin RLUSD.
What number is Gemini as a public cryptocurrency exchange in the United States?
Gemini will become the 3rd exchange in the United States after Coinbase and Bullish, according to the IPO plan.
Source: https://tintucbitcoin.com/gemini-niem-yet-nasdaq-lo-2825-trieu-usd/
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