Gemini Files S-1 Statement for Nasdaq IPO Amid Financial Losses
Gemini, founded by the Winklevoss brothers, has filed its S-1 statement to list on Nasdaq under the ticker symbol GEMI. Key points include:
- The IPO filing follows a draft registration submitted in June.
- No IPO price was mentioned; details include lead bookrunners Goldman, Citi, Morgan Stanley, and Cantor.
- For H1 2025, Gemini reported a net loss of approximately $282.5 million, significantly higher than the $41.4 million losses in H1 2024.
- Revenue for last year was $142.2 million against a net loss of $158.5 million.
- Adjusted EBITDA shifted from earnings of $32 million to a loss of $113.5 million.
- Gemini plans to transition many users to a Florida-based entity called Moonbase while retaining operations in New York.
- Gemini is negotiating a credit facility with Ripple valued at $75 million, scalable to $150 million in Ripple's stablecoin RLUSD.
- If successful, Gemini would become the third publicly traded crypto exchange in the U.S., joining Coinbase and Bullish.
- JPMorgan has paused onboarding Gemini as a customer due to disagreements over access fees for fintechs affecting cryptocurrency transactions.
These developments highlight challenges faced by Gemini amid regulatory pressures and financial losses.