Gemini asked for an IPO of Nasdaq under the Ticker Gemi, revealing a net loss of $ 282.5 million for the first half of 2025.
The scholarship also revealed a credit agreement of $ 75 million with Ripple in the August 15 deposited Subject to Securities and Exchange Commission (SEC) of the United States,
The exchange, founded by Cameron and Tyler Winklevoss, joins a wave of cryptographic companies looking for public market access after President Donald Trump’s return to the White House.
The file has revealed financial details that position Gemini as the third potential for exchange of American cryptography to negotiate itself publicly after Coinbase and Haussier.
The Director of Investments in Bitwise Matthew Hougan predicted this movement in December 2024, appointing 2025 the “Year of the IPO of Crypto“With at least five cryptographic unicorns that should become public in the United States.
Hougan and the business manager of the company, Ryan Rasmussen, identified “the growing demand for investors, institutional adoption, a favorable macro environment and a warmer political environment” as the main catalysts leading cryptographic companies to continue public lists after Trump’s electoral victory.
Financial performance and Ripple partnership
Gemini’s losses increased considerably by $ 41.4 million in the first half of $ 2824.5 million during the same period in 2025.
The scholarship registered a total turnover of $ 67.9 million for the six months, compared to $ 74.3 million in annual shift. For the full year 2024, Gemini recorded a net loss of $ 158.5 million in revenue of $ 142.2 million.
The file revealed that the exchange concluded a credit agreement with Ripple Labs in July. The agreement allows loan requests of at least $ 5 million each up to a global commitment of $ 75 million.
The agreement allows an increase of $ 150 million on the basis of specific measures.
Once the initial commitment exceeds $ 75 million, loan requests can use the Rlusd Rlusd of Rlusd from Rlusd labeled by the USD on mutual consent.
All loans have interest rates of 6.5% or 8.5% per year and require a guarantee of guarantee with reimbursement in US dollars.
Industry momentum under
The IPO Crypto trend has grown after the inauguration of Trump’s January 20, with several exchanges and crypto-swimming companies pursuing public lists.
Circle ended its debut in Nyse in June, Increase more than $ 1.2 billion And see actions increase to 472% compared to Bitcoin since the launch.
The market capitalization of the Stablecoin issuer reached $ 66.9 billion, exceeding its USDC circulating offer of $ 61.27 billion.
Hougan and Rasmussen specifically identified Circle, Kraken, Digital Anchorage, Chainalysis and figures like the five strongest candidates for the IPO lists in 2025.
Their prediction proved to be premonitory while Circle ended its successful beginnings NYSE in June, Haussier Followed in AugustAnd now Gemini continues its public offer.
Galaxy Digital had already transferred his Toronto list to Nasdaq in May, while the Crypto Etoro trading platform made its debut with services such as Crypto Investments.
The momentum reflects a broader institutional confidence in the regulatory perspectives of cryptography under Trump.
Hougan stressed that the pro-Crypto position of the Trump administration creates unprecedented opportunities for digital asset companies to access traditional capital markets. In addition, he said that 2025 represents a “warmer political environment” for cryptographic grants compared to previous years.
Regulatory strategy and structure
Gemini plan to operate thanks to a double intensity structure, separating operations between Gemini Trust based in New York and Moonbase based in Florida.
The Moonbase entity will serve as a main platform for most users, allowing the exchange of navigating the restrictive Bitlidense of New York regulations which limit the implementation services.
This structure reflects the company’s approach to maintain operational flexibility while meeting complex regulatory requirements at the state level.
Goldman Sachs, Citigroup, Morgan Stanley and Cantor serve as main books for the offer. The terms of the IPO remains unknown, with the completion subject to the dry examination and market conditions.
