CoinWorld news, cryptocurrency exchange Gemini has disclosed details of its IPO. A draft registration statement was submitted confidentially in early June. The document shows that Gemini has applied to list on the NASDAQ stock exchange under the ticker symbol GEMI. The IPO price has not been disclosed. Gemini's financial data is weaker than previously known; the company reported a net loss of $282.5 million for the first half of 2025, compared to a loss of only $41.4 million in the same period last year. The document shows that adjusted EBITDA decreased from a profit of $32 million to a loss of $113.5 million for the same period. In 2024, the company's revenue was $142.2 million, with a net loss of $158.5 million. The document also reveals that Gemini will transfer most of its users to a 'Moonbase' entity located in Florida, while Gemini Trust will remain in New York. New York has long enforced stricter regulations on cryptocurrency companies under its BitLicense rules; Gemini provides staking services to users in all states except for its New York headquarters. The document also discloses a credit agreement reached between Gemini and Ripple in July 2025, valued at up to $75 million, to be paid in Ripple's RLUSD stablecoin. If Gemini's IPO is successful, it will become the third publicly listed cryptocurrency exchange in the U.S., following Coinbase and Bullish, which listed on the New York Stock Exchange this week.
