#Gemini revealed details of the upcoming #IPO 😊😊😊😊
The Gemini exchange plans to list shares on Nasdaq under the ticker Gemi.
The company reported a loss of $282.5 million for the half-year compared to $41.4 million a year earlier.
The application disclosed a credit line from #Ripple for $75 million in stablecoin #RLUSD .
The cryptocurrency exchange Gemini officially revealed plans to conduct an initial public offering (IPO) on the Nasdaq exchange, indicating the ticker GEMI. The public S-1 filing, submitted after a confidential project in June 2025, disclosed the company's financial indicators and details of its corporate structure.
Gemini reported a net loss of $282.5 million for the first half of the year compared to $41.4 million for the same period in 2024. Adjusted EBITDA changed from a profit of $32 million to a loss of $113.5 million.
The entire year of 2024, the company closed with a loss of $158.5 million on revenues of $142.2 million.
According to the IPO application, the company intends to distribute clients between two legal entities. Gemini Trust in New York and Moonbase in Florida. The latter subsidiary will become the main operational platform, as New York has stricter #BitLicense requirements that limit access to staking.
Gemini also disclosed a credit agreement with Ripple, concluded in July. The line of $75 million with the possibility of increasing to $150 million is provided in the stablecoin RLUSD; however, no borrowings have been made at this time.
The placement of shares is organized by financial institutions Goldman Sachs, Citi, Morgan Stanley, and Cantor. The target share price for the IPO has not yet been announced.
If the deal goes through, Gemini will become the third cryptocurrency exchange to go public in the U.S. after Coinbase and Bullish, whose shares are traded on the NYSE. The company was founded by Cameron and Tyler Winklevoss, known as early investors in Facebook.