Gemini Taps Major Banks as Lead Bookrunners for IPO Push

Cryptocurrency exchange Gemini has enlisted Wall Street heavyweights Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald to lead its initial public offering. The Winklevoss twins' firm filed an updated S-1 registration statement, revealing 2024 revenue of $142.2 million alongside a $158.6 million net loss.

The IPO preparations mark a significant milestone for the crypto sector's institutional maturation. Gemini's financial disclosures show improving margins, with EBITDA losses narrowing to $13.2 million in 2024 from prior-year deficits. Secondary bookrunners include Mizuho and Needham & Company, signaling broad traditional finance participation.

Market observers note the timing coincides with renewed institutional crypto interest. While first-half 2025 revenue dipped to $68.6 million, the reduced net loss of $282.5 million suggests operational streamlining. The offering's structure—featuring Class A shares—mirrors conventional tech IPOs rather than crypto-native alternatives.