Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, has taken a bold step toward mainstream financial markets with its planned Nasdaq IPO. The company intends to list under the ticker “GEMI,” offering roughly 16.67 million Class A shares priced between $17 and $19. If successful, the IPO could raise $317 million and value the company at approximately $2.2 billion.
Several major investment banks, including Goldman Sachs, Citigroup, and Morgan Stanley, are backing the offering, signaling strong institutional support. This makes Gemini the third U.S.-based crypto exchange to go public, joining the ranks of Coinbase and Bullish. The move highlights the increasing convergence of traditional finance and digital asset markets.
Balancing Growth with Financial Losses
While the Nasdaq IPO marks a significant milestone, Gemini’s financials reveal both opportunities and challenges. The company reported a net loss of $282.5 million in the first half of 2025, a sharp increase compared to last year. Revenue slipped to $68.6 million during the same period, reflecting declining trading activity across parts of the retail market.
Despite these setbacks, Gemini’s institutional business tells a more promising story. Institutional trading volumes surged 60% in the second quarter, reaching $21.5 billion. Nearly 90% of that came from clients managing more than $10,000 in assets, underscoring the platform’s ability to attract larger players even in a volatile market.
The Nasdaq IPO proceeds are expected to help cover operational losses while funding expansion into new products and global markets. Still, Gemini faces stiff competition from peers like Circle and Bullish, both of which have shown stronger financial performance in recent quarters.
A Shifting Regulatory and Market Landscape
Gemini’s public debut comes at a time when regulatory clarity is improving for the crypto industry. Recent legal rulings and frameworks such as the U.S. GENIUS Act and Europe’s MiCA regulation have bolstered investor confidence. This environment, coupled with rising adoption of Bitcoin ETFs and growing institutional participation, has created a more favorable backdrop for crypto-related IPOs.
The timing also coincides with a revival in the broader Nasdaq IPO market. After months of uncertainty tied to global trade policies and political developments, a wave of companies across fintech, AI, and blockchain are testing public markets again. Analysts expect the coming weeks to be crucial in gauging investor appetite for these offerings.
Gemini’s performance post-IPO will not only shape its own trajectory but also serve as a bellwether for the next phase of crypto integration into mainstream finance. If the exchange can leverage its institutional strength while addressing its financial challenges, its public listing could mark a turning point for the sector.
Gemini’s upcoming Nasdaq IPO represents a pivotal moment for the crypto industry’s bid to cement its place in traditional finance. Backed by Wall Street banks and strengthened by regulatory clarity, the exchange is seeking to scale its operations despite mounting losses. The outcome of its listing will signal how ready investors are to embrace crypto firms as enduring players in the global financial system.
Sources:
https://www.ainvest.com/news/gemini-nasdaq-ipo-strategic-play-mainstreaming-crypto-2509/
https://www.mitrade.com/insights/news/live-news/article-3-1090636-20250903
