Gemini Files for Nasdaq IPO Under Ticker “GEMI” Amid Financial Struggles

Tony Pearce News
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Crypto exchange Gemini has officially filed for an initial public offering (IPO), seeking to list on the Nasdaq under the symbol GEMI, according to an S-1 filing published Friday.

The exchange, founded by the Winklevoss twins, disclosed widening losses—reporting a $282.5M net loss in H1 2025, up sharply from $41.4M in the same period last year.

Key details from the filing:

  • Underwriters: Goldman Sachs, Citi, Morgan Stanley, and Cantor Fitzgerald leading the offering.
  • Revenue Decline: 2024 saw $158.5M in net losses on $142.2M in revenue.
  • Regulatory Shift: Most users will migrate to a Florida-based entity, “Moonbase,” while Gemini Trust remains in New York—a state with strict crypto regulations.

Gemini continues to offer staking in all US states except New York, where it is headquartered.

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