Gemini, the crypto exchange founded by twins Cameron and Tyler Winklevoss, published an S-1 filing, on Friday, August 15th, that lays out plans to list on Nasdaq under the ticker GEMI.
The company had quietly filed a draft registration in early June, and the S-1 shows financial results, a proposed capital plan and the banks that will run the deal.
Gemini hopes to raise money and broaden its profile by going public. It plans to sell shares on Nasdaq with lead managers that include Goldman, Citi, Morgan Stanley and Cantor.
What did the filing reveal?
The statement gives a fuller look at Gemini’s finances and operations. It shows losses grew in the first half of 2025. Gemini reported a net loss of $282.5 million for H1 2025.
That is wider than the $41.4 million loss in the same period last year. Adjusted EBITDA swung from a $32 million profit to a $113.5 million loss. In 2024, the company posted a net loss of $158.5 million on revenue of $142.2 million.
How is the company restructuring?
The filing says Gemini will move most customer accounts to a Florida-based unit called Moonbase. Meanwhile, Gemini Trust will remain based in New York, and that split could shift where certain services are run from.
Also Read: Tyler Winklevoss Accuses JPMorgan Of Halting Gemini Onboarding Over His Criticism On The Bank
New York has strict rules for crypto firms under its BitLicense regime. Gemini already limits some services in the state, and the reorganisation could reflect that regulatory reality.
Funding link with Ripple
Gemini disclosed a new credit line with Ripple that can provide up to $75 million and scale to $150 million.
The agreement allows draws in Ripple’s RLUSD stablecoin after the initial commitment is used. The filing says no draws have been made so far, and the line appears to be a backstop rather than a source of immediate cash.
If the IPO goes ahead, Gemini would join Coinbase and Bullish as public crypto exchanges in the U.S. That would make it the third listed market for major retail crypto trading.
The timing follows a period of greater interest in crypto companies testing public markets. Investors will watch whether Gemini can narrow losses and return to positive cash flow.
Risks and open questions
The crypto exchange’s filing does not set an IPO price, and it also raises questions about how the company will handle customer protections and refunds as it shifts some services to a new legal entity.
Volatile crypto markets and changing rules could affect trading volumes and revenue.
The credit line tied to RLUSD points to new ways the company may rely on stablecoins, but that approach has its own risks.
Also Read: Crypto Exchange Gemini Adds Nike, McDonald’s, Starbucks, Coca-Cola & Yum! Tokenised Stocks In EU