Gemini is making waves by filing for a Nasdaq IPO under the ticker GEMI, and let’s just say, it’s not exactly showing off a profit. The exchange revealed a whopping $282.5 million net loss for the first half of 2025. But wait, there's more! Gemini also disclosed a juicy $75 million credit agreement with Ripple in their Aug. 15 filing to the US Securities and Exchange Commission (SEC).
The Winklevoss twins, Cameron and Tyler, are joining the party of crypto companies rushing to go public after Trump’s return to the White House. According to the filing, Gemini is now eyeing the prestigious spot of the third US crypto exchange to go public, following Coinbase and Bullish.
Matthew Hougan, Bitwise’s chief investment officer, had already predicted this move back in December 2024, declaring 2025 as the "Year of the Crypto IPO." His forecast? At least five crypto unicorns, like Gemini, would be strutting onto the public markets in the US. Hougan, along with his colleague Ryan Rasmussen, pointed to factors like growing investor demand, institutional adoption, and a friendlier political environment post-Trump victory as the driving forces behind the trend.
Gemini’s Financials and Ripple Agreement
Let’s talk numbers. Gemini’s losses skyrocketed from $41.4 million in the first half of 2024 to a staggering $282.5 million in the same period of 2025. Ouch! Total revenue dropped to $67.9 million from $74.3 million, year-over-year. For the full year of 2024, Gemini recorded a net loss of $158.5 million on revenue of $142.2 million.
Now, for the Ripple deal. In July, Gemini entered a credit agreement with Ripple Labs, allowing lending requests up to $75 million, with the option to increase the amount to $150 million based on certain metrics. The cherry on top? All loans come with an interest rate of 6.5% to 8.5% annually, and repayment is in good old US dollars.
Crypto IPOs Are Hotter Than Ever
Following Trump’s inauguration, the crypto IPO wave picked up speed, with exchanges and crypto-native companies eager to go public. For example, Circle made a major splash with its NYSE debut in June, raising over $1.1 billion and seeing its shares soar by 472% relative to Bitcoin.
Experts like Hougan and Rasmussen had already singled out Circle, Kraken, Anchorage Digital, Chainalysis, and Figure as the crypto IPO heavyweights for 2025. Their predictions were spot on: Circle crushed its debut, Bullish followed in August, and now Gemini is joining the fray. Even Galaxy Digital switched its listing from Toronto to Nasdaq in May.
This momentum highlights growing institutional confidence in crypto, especially with Trump’s crypto-friendly regulatory stance. Hougan notes that the current political environment is warmer for crypto IPOs compared to previous years, offering digital asset companies unprecedented access to traditional capital markets.
Gemini’s Regulatory Strategy and Structure
Gemini plans to operate through a dual-entity setup, with Gemini Trust based in New York and Moonbase in Florida. Why the split? New York’s strict BitLicense regulations limit staking services, so Gemini will use Moonbase to avoid those restrictions. It’s a clever way to keep things flexible while navigating the complex regulatory landscape.
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are leading the charge as bookrunners for the IPO, though the terms are still under wraps. The IPO is still waiting for SEC approval, so stay tuned for more updates.
Alex Shepel
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