Gemini from Crypto Exchange submitted an updated registration statement for its initial public offering effort, sharing more details with a push to become a public company.
Gemini said Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and Cantor are acting as leadbook runners for the IPO.
Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company and Rosenblatt are also active as Bookrunners. Academy Securities and Amerivet Securities act as co-managers.
The S-1, which was released Friday, will confirm the Gemini Space Station co-founded by Cameron and Tyler Winclevos, following a confidential filing filed with the U.S. Securities and Exchange Commission in June, and will sell privately-class stocks.
Gemini's application showed that total revenues were $142.2 million in 2024, up from $98.1 million the previous year. For the six months ended June 30, 2025, total revenue was $68.6 million, from $74.3 million in the first six months of 2024.
The net loss in 2024 was $158.6 million compared to $319.7 million in 2023. That figure was $282.5 million in the first six months of 2025.
Earnings before interest, taxes, depreciation and amortization in 2024 were $13.2 million losses and $113.5 million losses in the first half of 2025.
Like other crypto companies, Gemini pointed out standard risks in the risk part of filing, including the general nature of blockchain networks and how banks and regulators view the industry.
“Treasury factors affecting the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology, which states regulatory and quasi-governmental restrictions on access and operation of blockchain networks, as well as maintenance of open source protocols supporting blockchain networks.
Gemini is the latest crypto company to be released this year, following Circle (CRCL), Etoro (ETOR) and Coindesk parent company Bullish (BLSH). Bitgo also submitted documents for it to be made public.
Gemini will list Class A common stock at the Nasdaq Global Select Market, located under the ticker symbol Gemi.
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