Gemini Hires Goldmans (GS), Citi (C), Morgan Stanley (MS) and Cantor as Lead Bookrunners For its IPO

Gemini, a popular crypto exchange, has recently filed an updated registration statement for its initial public offering (IPO) effort. The company is making moves to become a publicly traded firm, with major financial institutions like Goldman Sachs, Citigroup, Morgan Stanley, and Cantor acting as lead bookrunners on the IPO. Additionally, Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company, and Rosenblatt are also acting as bookrunners, while Academy Securities and AmeriVet Securities are serving as co-managers.

The S-1 filing published by Gemini on Friday provides a glimpse into the company’s financials. In 2024, Gemini generated total revenue of $142.2 million, a significant increase from $98.1 million in the previous year. However, for the first six months of 2025, the total revenue was $68.6 million, down from $74.3 million in the same period in 2024. The company reported a net loss of $158.6 million in 2024, compared to $319.7 million in 2023, with a net loss of $282.5 million for the first half of 2025. Additionally, Gemini’s earnings before interest, taxes, depreciation, and amortization for 2024 stood at a loss of $13.2 million, and a loss of $113.5 million for the first half of 2025.

As with other crypto firms, Gemini highlighted standard risks in its filing, including regulatory challenges and the evolving nature of blockchain technology. The company emphasized factors that could influence the development of blockchain networks and digital assets, such as global adoption, regulatory restrictions, and the maintenance of open-source protocols.

Gemini joins a growing list of crypto companies seeking to go public this year, including Circle, eToro, and CoinDesk parent company Bullish. BitGo has also filed paperwork to go public. Gemini plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.

Overall, Gemini’s IPO filing reflects the company’s ambitions to expand its presence in the crypto space and capitalize on the growing interest in digital assets. Investors will be closely watching as the company moves forward with its plans to become a publicly traded entity.