As digital asset companies continue to drive a wave of public listings, cryptocurrency trading platform Gemini Space Station (GEMI.US) filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC) last Friday, with estimates suggesting the offering could raise up to $400 million.
The New York-based company operates as a regulated cryptocurrency exchange serving retail and institutional clients across more than 60 countries globally. Its business encompasses spot and derivatives trading, staking services, over-the-counter trading, asset custody, stablecoin issuance, and other cryptocurrency-related products.
As of June 30, 2025, Gemini boasts 523,000 monthly active trading users and 10,000 institutional clients, with cryptocurrency assets under custody totaling $18 billion and cumulative trading volume exceeding $285 billion.
Financial data shows that for the six months ended June 30, Gemini generated total revenue of $68.6 million with a net loss of $282.5 million, compared to revenue of $74.3 million and a net loss of $41.4 million for the same period last year.
**IPO Market Gradual Recovery**
The U.S. IPO market has recently shown signs of recovery. Previous downturns caused by trade policy uncertainties have gradually dissipated, with several new listings receiving enthusiastic investor reception. Digital asset companies have been particularly impressive, with memorable debuts from stablecoin issuer Circle (CRCL.US) and cryptocurrency exchange Bullish (BLSH.US).
Following Bullish's successful listing last Wednesday, it became the second publicly traded cryptocurrency exchange in the U.S. after Coinbase Global (COIN.US). Gemini's listing would make it the third public company in the sector.
"Investor concerns about Gemini center on its business portfolio and competitive moats," noted Michael Ashley Schulman, Partner and Chief Investment Officer at Running Point Capital. "Particularly regarding synergies between trading and custody operations, trust system development and differentiated growth strategies, and how to build core advantages that Coinbase cannot replicate."
Gemini stated that proceeds from the fundraising will be used for general corporate purposes and to repay portions of third-party debt. The platform currently supports over 70 cryptocurrencies and operates across more than 60 countries. Its issued stablecoin, Gemini Dollar (GUSD), which is pegged 1:1 to the U.S. dollar, has recently gained additional attention following the signing of the GENIUS Act—new legislation that establishes a regulatory framework for stablecoins.
Founded in 2014, Gemini plans to list on NASDAQ under the ticker symbol "GEMI." Notably, the company's founders, the Winklevoss brothers, gained prominence for suing Facebook and its CEO Mark Zuckerberg for allegedly stealing their social networking concept, ultimately receiving cash and stock compensation in 2008.
The IPO is being led by a consortium of top-tier investment banks serving as joint book-running managers, including Goldman Sachs, Citigroup, Morgan Stanley, Cantor Fitzgerald, Evercore ISI, Mizuho Securities, Truist Securities, Cohen & Company Securities, Keefe Bruyette Woods, Needham & Co., and Rosenblatt Securities. Specific pricing terms have not yet been disclosed.
Gemini had previously filed its listing application confidentially on February 14, 2025.
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