Gemini Files for IPO, Aims to List on Nasdaq Under ‘GEMI’

The cryptocurrency exchange Gemini, founded and led by the Winklevoss brothers, has taken a massive step toward going public. On August 15, Gemini filed its IPO registration with the SEC, aiming to list on the Nasdaq under the ticker symbol GEMI.

This move can be considered a great achievement for the company, which only a few years back was targeted by the SEC due to alleged failure to comply with securities laws. Now, going public can be seen as an effort for the company to build trust and enter Wall Street with a more transparent, regulated structure.

Gemini’s IPO also revealed some not-so-great outlooks on the company’s recent economic performance. As reported, Gemini saw $68.6 million in revenue during the first half of this year, while also posting a net loss of $282.5 million — a 582% increase in net losses compared to the previous year.

The company’s core business revolves around the well-known cryptocurrency exchange based in New York, as well as crypto services like custody and over-the-counter trading. It currently has 14.6 million verified users and around $12 billion in assets under custody. 

To manage regulatory complexity, the company is splitting its operations between Gemini Trust in New York and a new entity called Moonbase in Florida. It also entered a $75 million credit agreement with Ripple, which will be paid in RLUSD, Ripple’s stablecoin.

Gemini’s quest to go public follows a growing trend of cryptocurrency firms going to Wall Street. Some of the most prominent firms like Coinbase, BitGo, and Bullish have made their public debut or filed for IPOs in recent years.

Major market players like BlackRock and ARK Invest have shown interest in cryptocurrency IPOs. Notably, ARK Invest made headlines by purchasing 2.53 million shares of Bullish, while also owning Coinbase shares this year. 

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