Gemini presents a request before the SEC to quote its actions in the stock exchange

The cryptocurrency firm founded by the Winklevos brothers presented to the Sec Your form S-1 for an eventual Igco in 2025.

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• Gemini seeks to debut in Nasdaq Under the ticket GEMI
• The company reported net losses for USD $ 282.5 million in the first half of 2025.
• The plan includes transition to a new entity in Florida and a credit agreement with Ripple

Gemini, the cryptocurrency exchange founded by the Cameron and Tyler Winklevos twins, presented this Friday against the United States Stock Exchange and Securities Commission (SEC) Your statement S-1 For an eventual initial public offer (IPO). With this movement, the company joins the list of crypto companies that seek to make their way in the stock markets of the American nation in 2025.

The document reveals that the company intends to list its actions in the market Nasdaq Under the symbol GEMI Although a price range for supply was not detailed, it was confirmed that Goldman Sachs, Citi, Morgan Stanley and Cantor They will lead the process as placing banks.

Red financial results

The financial results included in the statement surprised the market for their negative figures. According to the document, Gemini registered a net loss of USD $ 282.5 million during the first half of 2025. In contrast, in the same period of 2024 the losses were barely USD $ 41.4 million.

The tight metric of Ebitda It went from a positive income of USD $ 32 million in 2024 to a loss of USD $ 113.5 million in 2025. Throughout the year 2024, the company had registered net losses for USD $ 158.5 million with revenues of just USD $ 142.2 million.

These numbers reflect the growing market pressures and Gemini’s difficulty to maintain a profitable model against competition and increasingly strict regulation.

Corporate reorganization

The form also details a significant operational restructuring. Most users of Gemini They will be transferred to a new entity based in Florida, called “Moonbase”. Meanwhile, Gemini Trust will continue to operate in New York, where regulation under the framework of the Bitlicense It is considered one of the strictest in the United States.

The company noted that its standking services are available in all states of the country except in New York, precisely the state where the firm is headquarters. This transition could facilitate a more favorable regulatory environment for company operations.

According to Ripple

Another point high in the document is the creation of a credit line with Ripple The initial agreement includes financing of up to USD $ 75 million, with the possibility of extending to USD $ 150 million. This credit may be used in Rlusd, the stablcoin of Ripple, although so far no provisions have been made under this agreement.

The inclusion of this agreement reflects the efforts of Gemini for diversifying its liquidity sources in a complex market context and strong competition.

Market context

If you manage to complete your IPO, Gemini It will become the third cryptocurrency exchange company that publicly quotes in the United States. Coinbase It was a pioneer on this way to debut in 2021, while Bullish He took his first step in the NYSE This same week.

Gemini, Founded in 2014, it is widely recognized not only for its services to sell cryptocurrencies, but also for the trajectory of its founders, who jumped to fame for their dispute with Mark Zuckerberg in the origins of Facebook.

The IPO of Gemini It will be in the sights of the financial and crypto sector, since it will mark a new stage in the relationship between the industry Blockchain and traditional capital markets. However, negative numbers in their balances represent a considerable challenge to attract investors in an environment that remains volatile and competitive.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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