Gemini Targets the Nasdaq Despite Record Losses in 2025

Gemini, the exchange founded by the Winklevoss brothers, has officially filed its S-1 with the SEC for a Nasdaq IPO. In a context marked by the multiplication of crypto IPOs, this initiative raises as much enthusiasm as questions. The platform’s repeated losses and the market’s persistent volatility indeed call for a thorough analysis. Will Gemini manage to attract Wall Street despite disappointing financial results?

An IPO in the wake of the 2025 crypto boom

Gemini, the exchange founded by Tyler and Cameron Winklevoss, officially crosses the IPO threshold. The platform publicly released its S-1 form Friday, two months after confidentially filing with the Securities and Exchange Commission.

This move positions Gemini as one of the recent major crypto players aiming for a US listing, following Coinbase and the success of Bullish.

The operation benefits from a particularly favorable regulatory environment. Since Donald Trump’s return to the White House, the SEC has dropped nearly all its lawsuits against crypto companies. 

The president also signed the GENIUS Act on stablecoins, creating a clearer legal framework for the sector. This pro-crypto Trump administration policy offers exchanges an unprecedented opportunity window to access public markets.

Early market signals confirm investors’ appetite for these assets. Circle, the issuer of the USDC stablecoin, saw its price triple immediately after its June IPO, peaking near 300 dollars before stabilizing around 149 dollars. 

Bullish also recorded remarkable performance during its first trades this week, with its stock more than doubling from its 37-dollar issue price.

Goldman Sachs, Citigroup, Morgan Stanley and Cantor are leading the operation as primary bookrunners. This alliance of Wall Street institutions attests to the growing legitimacy of the crypto sector among traditional financial actors. However, neither the IPO price nor the precise schedule has yet been communicated by Gemini.

Financial results that raise questions despite prevailing optimism

The filed documents reveal a more delicate financial situation than the general enthusiasm for crypto IPOs suggests. 

Gemini reports a net loss of 282.5 million dollars for the first half of 2025, compared to only 41.3 million dollars over the same period in 2024. This dramatic deterioration, a sevenfold increase in losses, raises questions about the company’s operational trajectory.

The operating result, which reflects activity performance before financial charges and amortizations, confirms this trend.

The metric went from a profit of 32 million dollars in the first half of 2024 to a loss of 113.5 million over the first six months of 2025. For the full year 2024, Gemini recorded a net loss of 158.5 million dollars on revenues of 142.2 million.

This performance contrasts with the positive momentum of the crypto market. While bitcoin trades near record levels and trading volumes are exploding, Gemini’s inability to capitalize on this euphoria raises questions. 

The company is also undergoing a strategic reorganization of its activities. The majority of US users will be transferred to “Moonbase”, a new entity based in Florida, while Gemini Trust will retain its New York headquarters. 

This decision addresses the regulatory constraints of the State of New York, particularly strict via its BitLicense regulation. Currently, Gemini offers staking in all US states except New York.

A bet on the future despite uncertainties

The credit agreement concluded with Ripple in July 2025 illustrates Gemini’s diversification strategy. This facility of 75 million dollars, extendable to 150 million, will be denominated in RLUSD, Ripple’s stablecoin. No drawdowns have yet been made, but this partnership shows the desire to broaden service offerings beyond simple trading.

Gemini’s IPO is part of a broader dynamic of institutionalizing the crypto sector. OKX, Grayscale, and Kraken have also signaled their intention to go public. This race for IPOs reflects the growing maturity of an ecosystem long confined to private markets.

The Winklevoss brothers, known for their role in Facebook’s history and early investments in Bitcoin, are betting on this opportunity window. Their reputation as visionary entrepreneurs could attract investors, despite disappointing financial results. The challenge will be to prove that Gemini can turn the current crypto market excitement into sustainable and profitable growth.