Gemini Files for Nasdaq IPO Under Ticker “GEMI,” Reports Revenue Decline

Crypto exchange Gemini has taken a step toward its 2025 IPO with the public release of its S-1 filing on Friday. The document, which follows a confidential draft submission in early June, provides new insights into the company’s financial health and listing plans.

Gemini has applied to list on the Nasdaq under the ticker symbol GEMI. While the filing did not disclose an IPO price, it named Goldman Sachs, Citi, Morgan Stanley, and Cantor as the lead underwriters for the offering.

The filing reveals weaker-than-expected financial performance. In the first half of 2025, Gemini reported a net loss of $282.5 million, a significant increase from the $41.4 million loss recorded in the same period last year.

Adjusted EBITDA also worsened, shifting from a $32 million profit in H1 2024 to a $113.5 million loss in H1 2025. For the full year of 2024, the company posted a $158.5 million net loss on $142.2 million in revenue.

Additionally, the filing outlines a restructuring plan: most Gemini users will be migrated to a Florida-based entity called “Moonbase,” while Gemini Trust will remain in New York. This move could ease regulatory pressures, as New York’s strict BitLicense rules have historically constrained crypto firms. Notably, Gemini offers staking services in all US states except New York—despite being headquartered there.