[Crypto IPO] Gemini Files for Nasdaq Listing — Goldman Sachs, Citi, and Morgan Stanley Lead Underwriting

TradingKey – On Friday, August 16, crypto exchange Gemini officially filed its S-1 registration with the U.S. Securities and Exchange Commission (SEC), signaling its intent to go public on the Nasdaq Global Select Market under the ticker symbol GEMI. 

This move follows the successful IPOs of Circle (CRCL) and Bullish (BLSH), continuing the wave of crypto firms entering public markets.

Underwriters and Offering Details

While Gemini has not yet disclosed the number of shares or pricing range, market estimates suggest the IPO could raise around $400 million, significantly below the $1.1 billion raised by Bullish and $1.2 billion by Circle.

The offering is being led by top-tier investment banks:

• Goldman Sachs (GS)
• Citigroup (C)
• Morgan Stanley (MS)
• Cantor Fitzgerald

Additional joint bookrunners include Evercore ISI, Mizuho, Truist Securities, Cohen & Company, Keefe Bruyette & Woods, Needham & Co., and Rosenblatt Securities.

Gemini’s Global Footprint and Financials

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is a centralized crypto exchange (CEX) headquartered in New York. It currently supports trading for over 80 cryptocurrencies across 60+ countries, including the U.S., UK, Canada, Australia, Hong Kong, Singapore, and South Korea.

According to its IPO filing:

• H1 2025 revenue: $68.6 million (down from $74.3M YoY)
• H1 2025 net loss: $282.5 million (up from $41.4M YoY)
• Monthly active users: Over 520,000
• Institutional clients: 10,000+
• Custodied crypto assets: $18 billion

Gemini also operates the Gemini Dollar (GUSD) stablecoin, which has a market cap of $51 million, ranking 33rd among stablecoins globally.

Strategic Moves and Outlook

To navigate regulatory constraints in New York, Gemini plans to split operations between Gemini Trust (NY) and a new Florida-based entity called Moonbase, which will handle staking and other services restricted under BitLicense rules.In July, Gemini secured a $150 million credit line from Ripple, payable in RLUSD stablecoin, to bolster liquidity ahead of its IPO.

If successful, Gemini will become the third publicly traded U.S. crypto exchange, joining Coinbase and Bullish, and further cementing the Trump administration’s push to make the U.S. a global crypto hub.