According to BlockBeats news, on August 16, the cryptocurrency exchange Gemini officially announced its S-1 listing documents on Friday. The details disclosed in the documents show that its registration draft was submitted in secret as early as early June.
Documents show that Gemini is applying to list on the Nasdaq under the stock ticker 'GEMI'. Although the IPO pricing range has not been publicly disclosed, it is confirmed that Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are serving as lead underwriters. The assets on the Gemini platform exceed $18 billion. In the first half of this year, trading revenue based on trading volume accounted for 65.5% of Gemini's income.
Financial data reveals that Gemini's operating conditions are more severe than previously known: a net loss of $282.5 million in the first half of 2025, a significant increase from a $41.4 million loss in the same period last year. Adjusted EBITDA deteriorated from a profit of $32 million in the same period last year to a loss of $113.5 million. For the entire year of 2024, the trading platform recorded a net loss of $158.5 million against a revenue backdrop of $142.2 million.
In addition, Gemini will migrate most users to the Florida-registered entity 'Moonbase', retaining only the Gemini Trust operations in New York. New York has historically imposed strict regulations on crypto businesses through the BitLicense, preventing Gemini from offering staking services locally.
It is worth noting that Gemini has reached a credit agreement with Ripple for up to $75 million (expandable to $150 million). When borrowing exceeds the initial commitment amount, it can be converted into Ripple's RLUSD stablecoin. Currently, this credit line has not been utilized.
