Gemini Charges Toward Wall Street: Crypto Exchange Files for Nasdaq IPO Under Ticker GEMI

Wall Street meets crypto as Gemini—the Winklevoss twins' brainchild—takes its shot at the big leagues. The exchange just dropped its S-1, aiming to list on Nasdaq with the ticker GEMI. No price range or share count yet, but the filing screams ambition.

Why this matters: A regulated crypto player planting its flag in traditional markets could legitimize the sector—or expose its growing pains. Either way, it's a power move.

The subtext? After years of 'when crypto grows up' chatter, Gemini's betting institutions will pay up for a slice of compliant digital asset infrastructure. Never mind that most exchanges still operate like Wild West saloons.

One thing's certain: The Winklevii aren't content with just being bitcoin billionaires. Now they want a seat at the grown-ups' table—complete with quarterly earnings calls and analyst downgrades.

TLDR

• Gemini plans Nasdaq IPO with ticker GEMI, revealing weak financials for H1 2025.

• The firm posted a $282.5 million net loss, compared to a $41.4 million loss in 2024.

• Gemini’s Moonbase unit will serve most of its users, transitioning from New York’s regulations.

• A $75 million credit deal with Ripple, payable in RLUSD stablecoin, is included in the filing.

On August 15, Gemini, the New York-based crypto exchange, filed its S-1 statement, revealing its intent to list on the Nasdaq under the ticker GEMI. This filing marks a significant step as Gemini aims to become the third publicly-traded crypto exchange in the United States, following Coinbase and Bullish. The exchange’s filing, which was confidentially submitted in June, also provides an update on its financial performance and strategic decisions.

Despite the MOVE to go public, Gemini’s financial results for the first half of 2025 show considerable losses. The exchange posted a net loss of $282.5 million, a significant increase compared to the $41.4 million loss recorded in the same period of 2024. Additionally, the company’s adjusted EBITDA dropped from earnings of $32 million to a loss of $113.5 million in the first half of 2025. These figures indicate that the exchange’s revenue growth has slowed, raising concerns about its future profitability.

Gemini Transition to Florida-Based Moonbase Entity

One of the key elements in Gemini’s filing is its decision to segment its user base. The exchange revealed that it WOULD transition most of its users to a new Florida-based entity called “Moonbase.”

This move comes as Gemini seeks to navigate the regulatory challenges in New York, where it is headquartered. New York has been known for its tough regulatory environment under the BitLicense, making it difficult for crypto companies to operate certain services, including staking.

Gemini’s Moonbase unit will be more flexible in its offerings and regulatory compliance, especially since the exchange has faced limitations in New York. For example, Gemini has been unable to offer staking services in New York, unlike in other U.S. states. The separation of users into two entities—Gemini Trust in New York and Moonbase in Florida—reflects the firm’s strategy to reduce regulatory friction while continuing its expansion.

Credit Agreement with Ripple

Gemini’s filing also highlighted a strategic partnership with Ripple. The exchange entered a credit agreement with Ripple in July 2025, worth up to $75 million. The agreement is payable in Ripple’s RLUSD stablecoin and can be scaled to $150 million depending on future needs. As of the filing, no draws have been made under this agreement.

This partnership comes at a time when Ripple is gaining attention for its innovative solutions in the crypto space.

The $75 million credit facility gives Gemini additional liquidity options, particularly in the FORM of RLUSD, a stablecoin linked to Ripple’s blockchain. This arrangement could also provide some financial stability to Gemini amid its ongoing financial losses.

Gemini’s Path to an IPO and Market Expectations

If Gemini succeeds in its IPO, it will become the third U.S.-based crypto exchange to go public, following Coinbase and Bullish. The firm was founded by the Winklevoss twins, Cameron and Tyler, who are known for their early involvement in Facebook.

Despite the challenges faced by the firm, including a significant drop in revenue and rising losses, Gemini’s move to the Nasdaq represents a bold step in its long-term strategy.

The upcoming IPO will be closely watched by the broader crypto industry and market analysts. While the filing reveals weaker financials than expected, it could also signal Gemini’s attempt to adapt to the evolving regulatory and competitive landscape in the crypto market.