Following Circle and Bullish, cryptocurrency exchange Gemini is also preparing to go public on the U.S. stock market. The proceeds from its IPO will be used for corporate purposes and to repay debts, but the company reported a net loss of $282 million in the first half of 2025. This article is based on a piece by Lei Jianping, organized and written by BlockBeats. (Background: The secret of Gemini's S-1 filing: Seeking revenue to fight IPO, $280 million loss in the first half of the year, and credit with Ripple) (Additional context: Li Xiaolai's seven-year agreement: From raising $4.2 billion for EOS to Bullish's IPO on the New York Stock Exchange) After stablecoin issuer Circle and cryptocurrency exchange Bullish, cryptocurrency exchange Gemini is also preparing to go public on the U.S. stock market. Gemini recently submitted its prospectus, preparing to list on the NASDAQ with the stock code: "GEMI". Goldman Sachs and Citigroup are serving as the lead underwriters. Gemini stated that the proceeds from its IPO will be used for general corporate purposes and to repay all or part of third-party debts. In the first half of the year, revenue was $68.61 million with a net loss of $282 million. Gemini was founded in 2014 by billionaire twin brothers Tyler Winklevoss and Cameron Winklevoss, who gained fame for suing Facebook and its CEO Mark Zuckerberg for allegedly stealing their social network idea. In 2008, they reached a settlement in cash and Facebook stock. Gemini issues the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the U.S. dollar. Gemini also supports over 70 cryptocurrencies, with operations in over 60 countries/regions. As of June 30, 2025, Gemini served approximately 523,000 MTU and about 10,000 institutions across more than 60 countries, with a platform asset size exceeding $18 billion, cumulative trading volume exceeding $285 billion, and transfer amounts processed over $800 billion. Since its inception, as users have explored the on-chain world, Gemini has witnessed the overall market value of cryptocurrencies grow from under $10 billion to over $3 trillion. The prospectus shows that Gemini's revenues for 2023 and 2024 are projected to be $98.14 million and $142 million respectively; operating losses are projected to be $312 million and $166 million respectively; net losses are projected to be $320 million and $159 million respectively. In the first half of 2025, Gemini's revenue was $68.61 million, down 7.6% from $74.23 million in the same period last year; operating loss was $113 million, compared to an operating loss of $84.8 million in the same period last year; net loss was $282 million, compared to a net loss of $41.37 million in the same period last year. Gemini's Adjusted EBITDA for the first half of 2025 was -$113 million, compared to $32.04 million in the same period last year. The Winklevoss brothers participated in the Olympics. Gemini's co-founders are brothers Tyler Winklevoss and Cameron Winklevoss, with Dan Chen as CFO. The CTO is Marshall Beard, and the Chief Legal Officer is Tyler Meade. Tyler Winklevoss and Cameron Winklevoss are the controlling shareholders of the company. The brothers were inseparable; after both were accepted to Harvard, they always attended classes, had meals, and exercised together. The two brothers were always "bound" together, and the outside world gradually referred to them as the Winklevoss brothers. Initially, the Winklevoss brothers had an idea to create a social networking site for Harvard students called HarvardConnection, and they even hired Facebook founder Mark Zuckerberg to help with programming. However, the two brothers later fell out with Zuckerberg, accusing him of stealing their idea to create Facebook, and in 2012, they obtained cash and stock compensation through litigation, totaling $65 million, of which $20 million was in cash and the rest was paid in stock. In 2012, the Winklevoss brothers began accumulating Bitcoin with part of their settlement from Facebook, buying about 120,000 coins at a price of less than $10 each. They co-founded Gemini in 2014. The Winklevoss brothers are not only smart in technology but also excel in sports; they competed in the men's double sculls event at the 2008 Beijing Olympics and finished sixth. Circle and Bullish have successively gone public. Cryptocurrency exchange operator Bullish, backed by Silicon Valley investment mogul and billionaire Peter Thiel, went public on the New York Stock Exchange last week. Bullish's issue price was $37, significantly higher than the previous range of $28 to $31. Bullish expanded its offering to 30 million shares, raising a total of $1.11 billion. Bullish opened at $90, up 143% from the issue price; it peaked during trading at $118, up 219% from the issue price; and closed at $68, up 84% from the issue price. Based on the closing price, the company's market value is $9.94 billion. As of Friday's close, Bullish's market value is $10.2 billion. Thomas W. Farley serves as Bullish's chairman and CEO; Tom Farley was formerly the president of the New York Stock Exchange. Bullish stated in its filing that it holds over $3 billion in liquid assets, including 24,000 Bitcoins, 12,600 Ethereums, and over $418 million in cash and stablecoins. Earlier, USDC stablecoin issuer Circle went public on the New York Stock Exchange, issuing a total of 34 million shares and raising a total of $1.054 billion; of this, Circle sold 14.8 million shares in this IPO, raising $459 million; existing shareholders, including the CEO, sold 19.2 million shares, cashing out nearly $600 million. According to financial reports, Circle's total revenue and reserve revenue for the first half of 2025 was $1.237 billion, up from $795 million in the same period last year; it reported a net loss of $417 million, compared to a net loss of $8.156 billion in the same period last year. Circle's revenue for the second quarter of 2025 was $658 million in total revenue and reserve revenue, a 53% increase from $430 million in the same period last year. Circle in 2025...

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