In a significant move within the cryptocurrency sphere, Gemini Trust Company has announced its intention to go public, with heavyweight financial institutions Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald leading the charge as bookrunners for its Initial Public Offering (IPO). This strategic step, revealed in a press release on Friday, positions Gemini alongside other crypto firms eyeing the public markets this year. For more on the trend of crypto companies going public, see our article on Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom.
A New Chapter for Gemini
Co-founded by the Winklevoss twins, Cameron and Tyler, who are well-known figures in the crypto world, Gemini’s IPO filing comes after a confidential submission to the U.S. Securities and Exchange Commission in June. The updated registration statement offers a clearer glimpse into the company’s financial health and future ambitions. While the number of Class A shares to be issued remains undisclosed, the filing reveals a robust revenue growth trajectory—$142.2 million in 2024, a notable increase from $98.1 million the previous year. However, the first half of 2025 paints a more cautious picture, with revenues dipping slightly to $68.6 million from $74.3 million in the same period of 2024.
The path to profitability appears fraught with challenges. In 2024, Gemini reported a net loss of $158.6 million, which, while substantial, is an improvement from the $319.7 million loss in 2023. Yet, for the first six months of 2025, the company’s losses have climbed to $282.5 million. These figures underscore the volatility and unpredictability that continue to characterize the crypto industry.
Navigating the Regulatory Maze
Gemini is not venturing into uncharted waters alone. The IPO landscape for crypto firms is becoming increasingly crowded, with Circle, eToro, and CoinDesk’s parent company Bullish also aiming to go public this year. BitGo, too, has thrown its hat into the ring, signaling a broader trend of crypto companies seeking public market validation.
Regulatory scrutiny remains a looming presence, as highlighted in Gemini’s S-1 filing. The document meticulously outlines the inherent risks associated with the blockchain and digital asset sphere, emphasizing the impact of global adoption rates, regulatory restrictions, and the essential maintenance of open-source protocols. “Key factors influencing the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology,” the filing elaborates, pointing to the delicate balance between innovation and regulation. For a deeper dive into the regulatory implications, see our coverage of the SEC’s latest guidance.
The Road Ahead
While Gemini’s IPO plans are a testament to the growing maturity of the crypto industry, they also raise pertinent questions about long-term sustainability. With an EBITDA loss of $13.2 million in 2024, escalating to $113.5 million in the first half of 2025, the financial figures suggest that Gemini, like many of its peers, is still navigating the complexities of scaling its operations in a rapidly evolving market.
According to James Butterfill, a senior analyst at CoinShares, the move to go public “could provide Gemini with the capital needed to expand its services and develop new products, but it also exposes the company to the vagaries of public investor sentiment.” Such sentiment can be as fickle as it is fervent, often swinging wildly in response to regulatory developments or market shifts.
With its upcoming listing on the Nasdaq Global Select Market under the ticker symbol GEMI, Gemini is poised to join an elite cadre of publicly traded crypto entities. However, the journey ahead is laden with uncertainties. The crypto industry, though burgeoning, is still subject to rapid technological advancements and regulatory changes that can alter the landscape overnight.
Looking Forward
As the Winklevoss twins steer Gemini towards its IPO, the broader market will be watching closely to see how the firm navigates these turbulent waters. Will Gemini’s foray into the public markets herald a new era of transparency and growth, or will it expose vulnerabilities that could derail its ambitions? Only time will tell. What is clear, however, is that Gemini’s IPO marks a pivotal moment not just for the company, but for the crypto industry as a whole—a bold step into the limelight that promises both opportunity and risk in equal measure.
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.
