US-based crypto exchange Gemini has announced that it has filed for an initial public offering (IPO), despite facing substantial losses in the first half of 2025.
According to its IPO filing, which was made public on 15 August 2025, Gemini lost approximately USD 282 million in the first half of the year. The crypto exchange intends to list on Nasdaq under the ticker GEMI, stating that it may leverage the proceeds to repay debt. Additionally, the company reported USD 2.1 billion in liabilities as of 30 June 2025, including loans received from Galaxy and NYDIG.
Moreover, Gemini generated USD 68.8 million in revenue until the middle of 2025, a substantial decrease from USD 74.3 million achieved during the same period of 2024. Its losses increased more than sixfold. In the face of these losses, Gemini is taking a chance that favourable market conditions and a scaled investor interest in crypto stocks will support it in landing a successful debut.
Gemini’s filing for the IPO comes just after Bullish’s public offering, with the latter securing USD 1.1 billion and seeing shares increase 228% on the first day of trading, reaching a USD 10 billion valuation. Bullish was the second publicly traded crypto exchange in the US, coming just after Coinbase. After it is listed, Gemini will take third place in the US.
Crypto companies choosing to go public
Besides the capital crypto firms obtain after an IPO, choosing to go public can also support them in increasing their legitimacy in the market. Listing on a stock exchange underlines compliance with robust standards, which can, in turn, bring interest from institutional investors, boost regulatory trust, and solidify business partnerships.
Additionally, the move can create liquidity, enabling early investors and employees to sell shares and allowing the company to leverage stock as a currency for acquisition. Being public can also support crypto companies during turbulent market conditions, providing them with more resilience.
