good

Breaking News: Gemini Plans to Go Public on Nasdaq, Reports $282.5 Million Net Loss in First Half of 2025, Partners with Ripple on $75 Million Credit Agreement On August 16, cryptocurrency exchange Gemini officially filed its S-1 document, announcing plans to go public on Nasdaq under the ticker 'GEMI'. According to the disclosures, Gemini recorded a net loss of $282.5 million in the first half of 2025, a significant increase compared to a loss of $41.3 million in the same period of 2024, reflecting challenges in its financial performance. Revenue during the same period fell from $74.3 million to $68.6 million, with adjusted EBITDA shifting from a profit of $32 million to a loss of $113.5 million. Additionally, Gemini announced a credit agreement with Ripple worth up to $75 million, expandable to $150 million, payable in Ripple's RLUSD stablecoin. As of now, this credit agreement has not been utilized. This partnership aims to provide Gemini with additional liquidity support to address market volatility and operational needs. Gemini plans to split its users into two segments, with the New York-based Gemini Trust continuing operations, while most users will transition to the newly established Florida 'Moonbase' entity to avoid New York's stringent BitLicense regulatory restrictions. This move will provide Gemini with greater flexibility in services like staking. If the IPO is successful, Gemini will become the third publicly listed cryptocurrency exchange in the U.S., following Coinbase and Bullish. This move marks further alignment of the cryptocurrency industry with traditional financial markets, but its financial performance and market competition pressures remain a concern.