Gemini Trust is the latest crypto exchange to file for a U.S. initial public offering (IPO), following the path of the Coinbase and Bullish exchanges. The Winlevoss Twins-founded exchange filed the IPO just before this past weekend, including key information about the exchange’s performance since the start of 2025.

The August 15 filing reveals that Gemini’s revenue fell in the first half of 2025 while its net losses widened, underscoring both the challenges and opportunities of going public in a still-volatile industry. According to the filing, Gemini reported a net loss of $282.5 million on revenue of $68.6 million for the six months ending June 30. That compares to a $41.4 million loss on $74.3 million in revenue a year earlier.

Gemini is looking to trade on the US stock market under the ticker GMNI. Currently, Goldman Sachs and Citigroup lead the IPO offering. A successful listing on Nasdaq could come with the stock surging immediately. Shares of Bullish (BLSH) more than tripled in their debut. Additionally, Circle Internet Group, the issuer of the USDC stablecoin, saw its stock spike nearly tenfold in the first days of trading.

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Gemini Trust plans to use IPO proceeds for debt repayment and technological investments, something that Coinbase and Bullish also did. Gemini secured a $75 million credit line from Ripple (expandable to $150 million) to help pay off several loans it currently owes.

“The question for investors regarding Gemini revolves around the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they do that Coinbase can’t copy by Tuesday,” said Michael Ashley Schulman, partner and CIO at Running Point Capital.