(Reuters) -Cryptocurrency exchange Gemini said its revenue fell and its loss widened in the first six months of 2025, according to its regulatory filing for a U.S. IPO made public on Friday, as it joins a wave of digital asset companies seeking to tap public markets.
Terms of the offering were not disclosed.
The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier.
Activity in the U.S. IPO market has rebounded in recent months following a slowdown earlier in the year, caused by uncertainty over trade policy changes, with several new listings receiving an overwhelming response from investors.
Digital asset companies have also featured prominently in the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle and cryptocurrency exchange Bullish.
Bullish’s debut on Wednesday made it the second listed cryptocurrency exchange in the country after Coinbase Global. Gemini will become the third public crypto exchange once it goes public.
Gemini, which supports more than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June.
The company, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol “GEMI.” Goldman Sachs and Citigroup are acting as lead bookrunners.
The Winklevoss twins rose to prominence after suing Facebook, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock.
(Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)
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