Gemini, the crypto exchange run by the Winklevoss twins, is taking a big swing. They’re aiming to go public on Nasdaq, ticker symbol GEMI, even though they’re bleeding cash like a busted faucet.
The numbers are quite painful, $282 million in losses in the first half of 2025 alone. That’s more than the cost of a small country’s lunch bill.
Less revenue, more loss
Now, backstory time. Founded in 2014 by Tyler and Cameron Winklevoss, Gemini’s made a name as a legit player in crypto, offering everything from spot and derivatives trading to custody and their own stablecoin.
But these latest numbers? They show a company struggling to keep its head above water.
Revenues dipped to about $68 million in six months, down from $74 million the previous year.
Losses jumped from about $41 million mid-2024 to over $282 million now. And cash on hand? It’s just $161 million mid-2025. Oof.
Gemini must be desperate for an IPO as these are some terrible results given crypto market growth the past year. Must just be losing market share pic.twitter.com/jKvwAC4Sn8
— guleid (@riddle245) August 15, 2025
Crypto bull run
Gemini’s restructuring big-time. Most users will be shifted to a Florida-based entity called Moonbase, while Gemini Trust keeps handling New York operations.
This is their move to tighten compliance and trim operational costs before hitting the public markets.
And here’s where Wall Street steps in. Big shot banks like Goldman Sachs, Citi, Morgan Stanley, and Cantor Fitzgerald are leading the IPO deal. It’s their vote of confidence, telling the world, hey, this might just fly.
But why, you may ask? Because they’re eyeballing the crypto bull run after rival crypto firm Bullish doubled on its first day, and Circle jumped nearly tenfold since its IPO. The timing? Sharp, and ballsy.
Gemini’s got $2.1 billion in liabilities. That’s big league debt hanging over them, including loans from Galaxy and NYDIG.
So investors are betting Gemini can turn this ship around despite these storms.
Ready for the big league?
The bigger picture? With crypto-friendly vibes coming back as the Trump administration shakes up policy, Gemini’s IPO is part of a larger wave of crypto firms trying to ride this new tide.
Institutional investors wanna know if crypto’s past its rocky adolescence and ready for the big leagues.
So, what’s the verdict? Is Gemini’s IPO is a desperate gamble or a big comeback? No one knows yet, but the show is already pretty entertaining, that’s sure!
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: August 18, 2025 • 🕓 Last updated: August 18, 2025
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