- Gemini filed its S-1 to go public on Nasdaq under ticker GEMI, despite heavy $282M losses in H1 2025.
- The exchange is moving users to its Florida-based Moonbase and secured a $75M credit line with Ripple.
- Tensions with JPMorgan over re-onboarding add extra challenges as Gemini pushes ahead with its IPO.
Gemini, the crypto exchange founded by the Winklevoss twins, has officially filed its S-1 statement as it moves to go public on Nasdaq under the ticker symbol GEMI. The filing gives a clearer picture of where the company stands heading into 2025, though it left out one detail investors are eager for—the IPO price. Big banks like Goldman Sachs, Citi, Morgan Stanley, and Cantor are lined up as lead bookrunners, signaling Gemini wants a strong Wall Street presence behind the launch.
Financial Struggles Surface
The numbers inside the filing, though, aren’t exactly pretty. Gemini reported a net loss of around $282.5 million for the first half of 2025, a massive jump compared to the $41.4 million loss from the same period last year. By the end of 2024, losses had already hit $158.5 million, with revenue of just $142.2 million. On top of that, adjusted EBITDA swung from a $32 million gain last year to a painful $113.5 million loss. Clearly, Gemini is going public while dealing with some of its weakest financials ever, which might spook investors.
Strategic Moves and Ripple Credit Facility
Part of Gemini’s restructuring involves moving a large chunk of its users to a Florida-based entity called Moonbase, while keeping Gemini Trust in New York, where strict BitLicense rules have made life tough for crypto firms. On another front, Gemini is teaming up with Ripple on a $75 million credit facility, expandable to $150 million, with funds available in Ripple’s RLUSD stablecoin. So far, Gemini hasn’t tapped into it, but it’s a safety net that could help with liquidity if needed. If the IPO goes through, Gemini would join Coinbase and Bullish as the only publicly traded U.S. crypto exchanges.
Clash With JPMorgan
Adding to its challenges, Gemini’s relationship with JPMorgan has soured. The bank has stalled its re-onboarding process, citing policy changes around fintech firms accessing banking data. The Winklevoss brothers have pushed back, saying this move hurts crypto-friendly businesses. The issue ties back to JPMorgan offboarding Gemini during Operation ChokePoint 2.0, and tensions haven’t cooled since. With all this in the mix, Gemini’s IPO push is coming at a delicate moment, balancing growth ambitions with strained partnerships and steep losses.
