Gemini Selects Goldman Sachs, Citigroup, and Others as IPO Bookrunners

Gemini IPO Update

Crypto exchange Gemini has submitted an updated registration statement for its IPO, aiming to become publicly traded. Key details include:

• Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are lead bookrunners.
• Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company, and Rosenblatt also involved as bookrunners.
• Academy Securities and AmeriVet Securities are co-managers.
• The S-1 filing confirms plans to sell Class A shares via "Gemini Space Station," co-founded by the Winklevoss twins.

Financial highlights show:

• Total revenue in 2024 was $142.2 million, up from $98.1 million in 2023.
• Revenue for H1 2025 was $68.6 million, down from $74.3 million in H1 2024.
• Net loss in 2024 was $158.6 million, reduced from $319.7 million in 2023; net loss for H1 2025 reached $282.5 million.
• EBITDA losses were $13.2 million in 2024 and $113.5 million in H1 2025.

Risks noted in the filing include blockchain network dynamics and regulatory scrutiny. Gemini plans to list on Nasdaq under the ticker symbol GEMI.