Gemini's Bet To Erase Its Deepening Loss With Ambitious Debut?

A financially struggling Gemini is hoping to change their fate with the filing of an IPO after suffering a terrible start to 2025 financially.

The cryptocurrency exchange logged a net loss of $282.5 million in the first half of 2025, a steep increase from the $158.5 million net loss recorded for full-year 2024.

Revenue has contracted as well, down from $142.2 million in 2024 to $67.9 million in the first half of this year. This financial slide is mirrored by a rapid depletion of cash reserves—from $341.5 million at the close of last year to just $161.9 million by mid-2025.

According to Gemini, these rising losses are attributable to escalating spending on staffing, technology, marketing, and transaction processing.

Yet, the company has chosen this time to release a IPO, hoping to turn their fate around. Gemini's move follows other Wall Street giants and crypto firms who had led the way.

One such prominent case is Circle, who files for a IPO in June. Following its debut, Circle's shares surged nearly 10 times from the $31 offerign price before settling at $149.

Earlier this week, institutional exchange Bullish more than triple its $37 IPO price on its first trading day, closing near $70 on Friday.

Given how all these other companies have financially benefitted from releasing an IPO, could this be the reason why Gemini would be releasing their IPO at such an odd time?

Gemini Shifts Its Clients To Florida To Avoid New York's Harsh Regulations

According to the filing, Gemini has applied its stocks under the ticker GEMI. An IPO price has not been revealed. However, it was said that the left-lead book runner and cohort that will be overseeing the offering are Goldman, Citi, Morgan Stanley and Cantor.

The filing also showed that Gemini would be shifting its user to a Florida-based "Moonbase" entity to evade the stringent rules of New York's BitLicense rules.

However, Gemini Trust will still remain in New York. New York state has historically taken a tougher stance when it comes to crypto regulations compared to the other states in the United States.

This latest IPO bid places Gemini squarely in the spotlight at a time when investor appetite for crypto stock offerings is surging.

Gemini move also follows the similar moves from big crypto firms Circle and Bullish, who had themselves also filed IPOs in the past months.

Regulatory tailwinds Following Trumps Presidency

All these IPO pushes come as a time when there is a huge regulatory shift in the United States favoring digital assets.

Since his return to the White House, President Trump has not only forced the SEC to drop all the investigations into all crypto companies, he had also advanced pro-crypto agencies with a series of policy and regulatory moves.

Trump has also signed an executive order urging regulators to remove barriers that prevent 401(k)plans from including alternative assets such as cryptocurrencies.

President Donald Trump has signed an executive order directing regulators to remove restrictions that currently prevent 401(k) retirement plans from offering alternative assets like cryptocurrencies.

If enacted, the reforms could open the door for millions of Americans to diversify their retirement portfolios with Bitcoin and other digital assets through fully regulated investment channels.

Underscoring his administration’s pro-crypto stance, Trump has also nominated economist Stephen Miran, a known digital asset advocate, to serve on the Federal Reserve Board of Governors.

The policy announcement came as Bitcoin surged back above $117,000, reinforcing how closely market sentiment tracks with political and regulatory signals.

In a separate executive order, Trump also took aim at “debanking” practices, moving to prevent financial institutions from cutting off services to lawful crypto businesses.