# Gemini Files to Go Public

*Author: Jack Inabinet*
*Published: Aug 15, 2025*
*Source: https://www.bankless.com/read/gemini-files-to-go-public*

---

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](https://www.sec.gov/Archives/edgar/data/2055592/000110465925079323/tm255912-12_drsa.htm) 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](https://s27.q4cdn.com/397450999/files/doc_financials/2024/q4/Coinbase-Global-Inc-2024-10K-for-IR.pdf) 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.Unprofitable 2024 for a crypto exchange?How??? [pic.twitter.com/ED32LoOdYO](https://t.co/ED32LoOdYO)— Steven (@Dogetoshi) [August 15, 2025](https://twitter.com/Dogetoshi/status/1956467350645157991?ref_src=twsrc%5Etfw)
---

*This article is brought to you by [MetaMask](https://www.bankless.com/sponsor/metamask-1776260643?ref=read/gemini-files-to-go-public)*