US-based crypto exchange Gemini has announced its intention to file for an initial public offering (IPO), despite experiencing significant losses during the first half of 2025.

Financial Strain and Plans

According to documents filed with the SEC on August 15, 2025, Gemini reported a loss of approximately USD 282 million for the first half of the year. The company intends to list on Nasdaq under the ticker symbol GEMI, aiming to use IPO proceeds to pay down debt. As of June 30, 2025, Gemini had liabilities amounting to USD 2.1 billion, which include loans from Galaxy and NYDIG.

Revenue Decline

Gemini’s revenue for the period until mid-2025 stood at USD 68.8 million, a notable decrease from the USD 74.3 million recorded during the same timeframe in 2024. The company’s losses have more than quadrupled.

Market Outlook and Public Listing

Despite these challenges, Gemini believes that favorable market conditions and strong investor interest in crypto stocks could lead to a successful IPO. The filing follows the recent public offering by Bullish, which raised USD 1.1 billion and saw its shares increase 228% on the first day of trading, reaching a valuation of USD 10 billion.

Benefits of Going Public

Going public can provide several advantages for crypto firms. Apart from raising capital through an IPO, it also helps in enhancing legitimacy within the market by adhering to stringent regulatory standards. This move is expected to attract institutional investors and bolster trust among regulators and business partners.

Moreover, being publicly traded can increase liquidity, allowing early investors and employees to sell shares and offering a means for acquiring other companies through stock. Public listing can also provide greater financial resilience during volatile market conditions.