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Gemini Hires Goldmans, Citi, Morgan Stanley and Cantor as Lead Bookrunners for Its IPO
The company said its net revenue for the first six months of 2025 was $67.9 million, against a net loss of $282.5 million.
Updated Aug 17, 2025, 11:55 a.m. Published Aug 16, 2025, 3:15 p.m.
What to know:
- Goldman Sachs, Citigroup, Morgan Stanley and Cantor are acting as lead bookrunners on the planned Gemini IPO.
- Gemini intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.
Crypto exchange Gemini filed an updated registration statement for its initial public offering effort, sharing a few more details in its push to become a publicly traded firm.
Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and Cantor acting as lead bookrunners on the IPO, Gemini said in a press release Friday.
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Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company and Rosenblatt are also acting as bookrunners, the company said. Academy Securities and AmeriVet Securities are acting as co-managers.
The S-1 published on Friday follows a confidential filing submitted to the U.S. Securities and Exchange Commission back in June, and confirms "Gemini Space Station," co-founded by Cameron and Tyler Winklevoss, intends to sell an undisclosed number of Class A shares.
Gemini's filing indicated that it had generated total revenue of $142.2 million in 2024, up from $98.1 million the prior year. For the six months ending on June 30, 2025, the total revenue was $68.6 million, down from $74.3 million in the first six months of 2024.
Its net loss in 2024 stood at $158.6 million, compared to $319.7 million in 2023. That figure stood at $282.5 million for the first six months of 2025.
Its earnings before interest, taxes, depreciation and amortization for 2024 stood at a loss of $13.2 million, and a loss of $113.5 million for the first half of 2025.
Like other crypto firms, Gemini pointed to standard risks in the risk portion of the filing, including the general nature of blockchain networks and how banks and regulators view the industry.
"Key factors influencing the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology; regulatory and quasi-government restrictions on access to and operation of blockchain networks; and the maintenance of open source protocols that support blockchain networks," the filing said.
Gemini is only the latest crypto company to try and go public this year, following Circle (CRCL), eToro (ETOR) and CoinDesk parent company Bullish (BLSH). BitGo has filed for paperwork to go public as well.
Gemini plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.
Read more: Billionaire Winklevoss Twins-Backed Exchange Gemini Files With SEC For Planned IPO
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