In a significant stride towards becoming a publicly traded entity, cryptocurrency exchange Gemini has roped in financial heavyweights Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald to lead its initial public offering (IPO). This move, announced on Friday, signals Gemini’s ambitious plans to join the ranks of publicly listed crypto firms, leveraging the expertise of these Wall Street stalwarts to guide its market debut.
A New Chapter for Gemini
Gemini, co-founded by the renowned Winklevoss twins, Cameron and Tyler, filed an updated registration statement with the U.S. Securities and Exchange Commission (SEC), laying bare its intentions to sell an unspecified number of Class A shares. The company’s decision to engage such a formidable lineup of lead bookrunners underscores its determination to make a splash in the traditional financial waters. This development comes on the heels of the Winklevoss brothers’ involvement in other crypto ventures, such as their backing of Trump Sons’ Crypto Miner.
But the story doesn’t end there. Alongside the leading quartet, an ensemble of other financial firms, including Evercore ISI, Mizuho, Truist Securities, and more, have joined the ranks as bookrunners. Academy Securities and AmeriVet Securities are stepping in as co-managers, rounding out a robust coalition poised to shepherd Gemini through the IPO process.
Financial Peaks and Valleys
In the world of cryptocurrency, financial metrics can often resemble a rollercoaster ride, and Gemini’s figures are no exception. The exchange reported a total revenue increase to $142.2 million in 2024, up from $98.1 million in 2023. However, the first half of 2025 painted a less rosy picture, with revenues dipping to $68.6 million from $74.3 million in the same period last year.
The net loss figures tell another part of the tale. In 2024, Gemini narrowed its net loss to $158.6 million from a staggering $319.7 million in 2023. Yet, challenges persist—with a net loss of $282.5 million reported for the first six months of 2025. Earnings before interest, taxes, depreciation, and amortization (EBITDA) mirrored this trend, showing a loss of $13.2 million in 2024 and deepening to a $113.5 million loss for the first half of this year.
Navigating Industry Challenges
Gemini’s filing doesn’t shy away from acknowledging the inherent risks of the crypto industry. The document highlights factors like the global adoption of blockchain technology, regulatory barriers, and the sustainability of open-source protocols as pivotal to the industry’s future. It’s a nod to the broader uncertainties that continue to shape the crypto landscape. This is reminiscent of other industry innovations, such as Marex’s use of JPMorgan’s Kinexys Blockchain for Settlements, which also highlight the evolving relationship between traditional finance and blockchain technology.
Industry analyst Linda Zhang noted, “Gemini’s IPO is a bold move in a market that’s still finding its footing with regulators worldwide. Their choice of underwriters reflects a serious commitment to navigating these choppy waters.”
Gemini isn’t alone in its quest for public market glory. The exchange’s IPO announcement follows in the footsteps of other crypto entities like Circle, eToro, and Bullish, each making their own forays into the public domain. BitGo, too, has thrown its hat into the IPO ring, signaling a broader trend of crypto firms seeking the legitimacy and capital influx that comes with a public listing.
The Road Ahead
As Gemini prepares to list its Class A shares on the Nasdaq Global Select Market under the ticker symbol GEMI, the crypto community—and indeed the financial world—is watching closely. The outcome of this IPO could set a precedent for how crypto firms approach public offerings in the future.
Yet, questions loom large. How will the market respond to a crypto exchange entering the public sphere at a time when digital assets are still grappling with regulatory scrutiny and market volatility? And can Gemini’s ambitious plans translate into a successful market debut amidst these challenges?
Only time will tell. But one thing’s clear: Gemini’s IPO is more than just a financial maneuver—it’s a bold statement of intent in the ever-evolving crypto narrative.
Source
This article is based on: Gemini Hires Goldmans, Citi, Morgan Stanley and Cantor as Lead Bookrunners for Its IPO
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
