Cryptocurrency exchange Gemini has 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 metrics 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 shifted from a profit of $32 million to a loss of $113.5 million.

The entire year of 2024 saw the company closing with a loss of $158.5 million on revenue of $142.2 million.

According to the IPO filing, 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 operating platform, as New York has stricter BitLicense requirements that limit access to staking.

Gemini also revealed a credit agreement with Ripple, concluded in July. A line of $75 million with the potential to increase to $150 million is provided in the stablecoin RLUSD, however, no borrowings have been made at this current time.

The stock offering is being organized by financial institutions Goldman Sachs, Citi, Morgan Stanley, and Cantor. The target stock price for the IPO has not yet been announced.