Gemini’s IPO Filing Exposes Financial Strain as It Eyes Public Markets

The recently published S-1 filing for Gemini’s planned Nasdaq IPO) reveals a challenging financial trajectory for the crypto exchange. Despite ambitions to go public in 2025, the numbers paint a concerning picture:

• Mounting Losses: Net losses ballooned to $282.5M in H1 2025, up from $41.4M YoY. Adjusted EBITDA flipped from a $32M profit to a $113.5M loss in the same period.
• 2024 Performance: The exchange posted a $158.5M net loss on just $142.2M in revenue.
• Regulatory Strategy: Gemini appears to be distancing itself from New York’s strict BitLicense regime by shifting users to “Moonbase,” a Florida-based entity.

With Wall Street heavyweights (Goldman Sachs, Citi, Morgan Stanley, Cantor) underwriting the deal, the IPO could test investor appetite for crypto firms amid turbulent markets.

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