Cryptocurrency exchange Gemini revealed a visible surge in losses in the first half of 2025, posting a net loss of $282.5 million compared to last year’s $41.4 million, according to its first public offer (IPO) application released last Friday.
The results portray a challenging financial situation for a company led by billionaire twins Tyler and Cameron Winclevos, even if they were trying to capitalize on the wave of crypto companies that are publicly available on Wall Street this year.
Additionally, revenue for the six months fell, down from $74.3 million the previous year to $68.6 million. The widening of losses occurs despite an increase in institutional adoption of cryptocurrencies, despite a generally favorable environment for digital assets under the Trump administration.
“The questions for investors regarding Gemini revolve around the business mix and moat of trade-to-audit, differentiation of trust and growth, and the inability to copy Coinbase by Tuesday,” said Michael Ashley Schulman, partner and chief investment officer at Running Point Capital, quoted in a Reuters quote.
The decline in financial performance is a stark contrast to recent debuts from other crypto companies. Stablecoin Issuer Circle surged 168% on its first trading day after raising $1.2 billion in June, while Cryptocurrency Exchange rose 84% with $1.1 billion in its debut this week.
The third most public exchange in the US
Gemini is scheduled to trade on the Nasdaq under the ticker “Gemi” and will become the third-listed crypto exchange in the US to join Coinbase and bullish. Goldman Sachs and Citigroup are leading the offering, although conditions were not disclosed in Friday’s submission.
Founded in 2014, Gemini operates crypto exchanges in over 60 countries and supports over 70 digital currencies. The platform has approximately $18 billion in assets as of June 30th, serving approximately 523,000 active users along with approximately 10,000 institutional customers.
The company generates a majority of its revenue from trading fees for trading volumes, which accounted for approximately 66% of its total revenue for the first half of 2025. It also provides institutional custody services, crypto staking, and issues its own dollar-backed Stablecoin called GUSD.
Main IPO Goals
Gemini said it will use IPO revenue for general business purposes and repay some of its third-party debt. The company has faced regulatory challenges in recent years, but reached the settlement earlier this year with both the SEC and the Commodity Futures Trading Commission.
According to Bloomberg’s Wealth Rankings, Winclevos Brothers each holds a stake of over 5%, combining a net worth of $15 billion. They became prominent after resolving a lawsuit with Facebook founder Mark Zuckerberg and then claiming ownership of a social network.
In June, Gemini learned that another retail trading platform, Etro, is due to be made public a month after the successful debut.
A better regulation outlook
The clarity of recent regulations under the Trump administration has boosted confidence in the crypto sector. The president signed the Genius Act in July and established the framework for Stablecoin Regulation, but this year several crypto companies have joined major stock indexes.
“We’ve seen the transition from speculation to sustainability. Institutional investors are looking for proof points — looking for real clients, regulatory products, and long-term market integrity,” Nick Jones, founder of Crypto Firm Zumo, told Reuters.
Despite its challenging short-term finances, Gemini’s IPO applications come when crypto market capitalization grows from under $10 billion, which was established to more than $4 trillion today.
