Gemini Files for Nasdaq IPO, Reveals Ripple Credit Facility and US Restructuring Crypto exchange Gemini filed its S1 registration statement with the SEC last Friday, August 15th, formally seeking to list on Nasdaq under the ticker GEMI. The IPO will be led by Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald. The filing however revealed a sharp financial deterioration in the companyʼs financials: a $282.5 million net loss in the first half of 2025, compared with just $41.4 million in losses a year earlier. Adjusted EBITDA swung from a $32 million profit in 2024 to a $113.5 million loss this year. For all of 2024, Gemini reported $158.5 million in net losses on $142.2 million in revenue. As part of its restructuring, Gemini will transition most US customers to a Florida-based entity Gemini Moonbase, LLC, while Gemini Trust continues operations in New York under the stateʼs strict BitLicense regime. The firm also disclosed a $75 million credit facility from Ripple, denominated in its RLUSD stablecoin and expandable to $150 million, though Gemini has not yet drawn from it. If successful, Gemini would become the third publicly traded US crypto exchange, joining Coinbase and Bullish.
Why it matters for crypto ●
Transparency & scrutiny: An IPO forces Gemini to disclose financials, giving investors new benchmarks against Coinbase and Bullish.
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Stablecoin credit backstop: The Ripple facility highlights how crypto-native credit lines are becoming strategic liquidity tools.
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Regulatory arbitrage: Shifting users to Florida underscores the ongoing impact of New Yorkʼs BitLicense regime—a signal to other firms navigating US state regulations.