Initial offering aims for $2.2 billion assessment for Gemini cryptocurrency exchange

In the dynamic world of cryptocurrency, Gemini, the digital asset exchange founded by the Winklevoss twins in 2014, has announced plans for an initial public offering (IPO). The company aims to list on the Nasdaq exchange under the ticker GEMI, with Goldman Sachs and Morgan Stanley serving as the lead underwriters.

The IPO could raise up to $316.7 million for Gemini, valuing the company at up to $2.22 billion, if the shares are sold at the upper end of the price range. However, the company's financial performance over the first six months of 2025 has shown a significant increase in losses, reporting a loss of $282.5 million on $68.6 million in revenue. This is a stark contrast to a loss of $41.4 million on $74.3 million in revenue between January and June last year.

Gemini's path to the IPO has not been without challenges. In 2023, the Securities and Exchange Commission (SEC) charged the company for selling unregistered securities, specifically focusing on its high-yield product Earn. This led to a rift with crypto investment firm Genesis, which paused withdrawals on the platform amid volatility in late 2022. The collapse of FTX may have had a ripple effect, contributing to the pause in withdrawals from Genesis.

The SEC's charges against Gemini caused a significant impact, with the company agreeing to return at least $1.1 billion to its Earn customers through Genesis' bankruptcy proceedings. Gemini also paid a $5 million settlement to the Commodity Futures Trading Commission (CFTC) in January and a $37 million settlement to New York's Department of Financial Services.

Despite these challenges, Gemini has continued to grow, with more than $18 billion of assets on its platform, as reported in Tuesday's filing. The company generated $142.2 million in revenue in 2024, up from $98.1 million the previous year.

Joining Gemini in the IPO race are blockchain startup Figure, buy now, pay later firm Klarna, stablecoin issuer Circle, crypto exchange Bullish, and trading platform eToro. As the cryptocurrency market continues to evolve, these companies' public offerings could shape the future of the industry.

The SEC and Gemini requested a two-month pause in the suit in April, indicating a potential resolution in the near future. As the IPO approaches, investors will be watching closely to see how Gemini navigates its challenges and capitalises on its opportunities in the ever-changing landscape of cryptocurrency.

Initial offering aims for $2.2 billion assessment for Gemini cryptocurrency exchange