Gemini Details IPO Plans Amid Increasing Losses and Ripple Loan Agreement

Cryptocurrency exchange Gemini said it has officially expressed plans for an initial public offering (IPO) on the Nasdaq stock exchange under the ticker symbol GEMI. The public S-1 filing, following a confidential submission in June 2025, publicly disclosed the company’s financial performance and corporate structure for the first time.

Gemini recorded a net loss of $282.5 million in the first half of 2025, a large increase from the $41.4 million loss in the same six months of 2024. Its adjusted EBITDA swung from positive $32 million a year ago to negative $113.5 million, signaling deepening operating challenges. It ended 2024 with a net loss of $158.5 million from total revenues of $142.2 million.

According to the IPO filing, Gemini plans to divide its customer base between two distinct entities: New York-based Gemini Trust and Florida-based Moonbase. Moonbase will be the primary operating platform for Gemini due to the fact that New York operates a tighter regulatory regime under the BitLicense that limits access to staking services. This type of corporate organization reflects the strategy of Gemini in navigating complex state-level regulation while maintaining operational flexibility.

In a major disclosure, Gemini revealed a loan agreement with Ripple signed in July 2025. The agreement calls for a $75 million credit facility, extendable to $150 million, in RLUSD stablecoin denomination. No amount has been drawn down by the company under this facility as of the date of filing.

IPO Details and Market Outlook

The IPO share sale is being handled by prominent financial organizations such as Goldman Sachs, Citi, Morgan Stanley, and Cantor Fitzgerald. The intended IPO price has not been revealed, with investors and industry observers looking forward to more information. If carried out, this IPO would make Gemini the third U.S.-based cryptocurrency exchange to go public, following Coinbase, which is listed on the NYSE, and Bullish. The exchange was founded by Cameron and Tyler Winklevoss, who are well known for their early investment in Facebook and high-profile involvement in the technology industry.