0:00
0:00
Subscribe to Bankless or sign in
Gemini is the latest crypto company to file for a public stock listing. The crypto exchange filed to go public via Nasdaq with the SEC after market close on Friday.
What’s the Scoop?
- Registration Submission: Gemini has submitted its S-1 initial registration form with the Securities and Exchange Commission, officially expressing its intent to go public on a U.S. stock exchange under the ticker GEMI.
- Unclear Pricing: As standard for many IPOs, Gemini pricing was not disclosed. The offer is being underwritten by numerous high-profile investment banks, including Goldman Sachs, Citigroup, Morgan Stanley, Cantor Fitzgerald, and Mizuho Securities.
- Weak Financials: The state of Gemini operations appears glum. The Company experienced net loss of $319M in 2023 and $158M in 2024.
Bankless Take:
Crypto Twitter was quick to deride Gemini for posting a loss in 2024, a year with favorable price action that allowed for publicly traded competitor 
Coinbase to post net income of nearly $2.6B. While the 2025 class of IPOs has consisted of oversubscribed runners, it is unclear whether Gemini will enjoy similar success.
These are pretty bad numbers coming out of Gemini.
— Steven (@Dogetoshi) August 15, 2025
Unprofitable 2024 for a crypto exchange?
How??? pic.twitter.com/ED32LoOdYO
0
0
