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News

Gemini Files to Go Public

Financials revealed a net loss of $158M in 2024.
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Aug 15, 2025 • 1 min read

Gemini is the latest crypto company to file for a public stock listing. The crypto exchange filed to go public via Nasdaq with the SEC after market close on Friday.

What’s the Scoop?

  • Registration Submission: Gemini has submitted its S-1 initial registration form with the Securities and Exchange Commission, officially expressing its intent to go public on a U.S. stock exchange under the ticker GEMI.
  • Unclear Pricing: As standard for many IPOs, Gemini pricing was not disclosed. The offer is being underwritten by numerous high-profile investment banks, including Goldman Sachs, Citigroup, Morgan Stanley, Cantor Fitzgerald, and Mizuho Securities.
  • Weak Financials: The state of Gemini operations appears glum. The Company experienced net loss of $319M in 2023 and $158M in 2024.

Bankless Take:

Crypto Twitter was quick to deride Gemini for posting a loss in 2024, a year with favorable price action that allowed for publicly traded competitor Coinbase to post net income of nearly $2.6B. While the 2025 class of IPOs has consisted of oversubscribed runners, it is unclear whether Gemini will enjoy similar success.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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