The Next Crypto Exchange to Go Public

Gemini, the crypto exchange run by Cameron and Tyler Winklevoss, is lining up to take its shot at Wall Street.

The brothers launched Gemini back in 2014 with a simple pitch: a crypto platform built for trust and regulation at a time when most exchanges were flying under the radar.

Now, Gemini wants to join the small club of U.S. exchanges trading on the stock market. Coinbase set the precedent in 2021, and Bullish made its debut in 2025. Gemini could be next, and that makes this IPO worth watching.

The company quietly filed paperwork with the SEC earlier this year, and its public filing happened in August. While the Gemini IPO date hasn’t been set yet, the move is already getting lots of attention. Investors want to know: how much will Gemini be valued at, what shape are its financials in, and can it compete with Coinbase in the public markets?

Let’s get into it!

Has Gemini filed for an IPO?

Yes, Gemini has officially started the IPO process.

• The company first submitted a confidential filing to the SEC in June 2025
• Then in August it released a public version of its prospectus (an S-1 form)

That filing opened up the books on Gemini’s financials, business model, and future plans. It gave investors their first real look inside the exchange.

So far, the SEC hasn’t approved the listing, which means Gemini can’t set a trading date just yet. The timeline now depends on how quickly regulators move and whether market conditions stay favorable.

Still, the fact that Gemini went public with its documents shows that the IPO isn’t just talk. The wheels are already in motion.

In other words: the Gemini IPO filing is done, and the company is waiting on the green light to move forward.

When is the Gemini IPO date?

Right now, there isn’t an official Gemini IPO date. That’s normal at this stage. Companies usually file first, then wait for the SEC’s review before setting a launch day.

Because Gemini filed publicly in August 2025, most analysts expect the IPO could land before the end of the year, assuming the market stays steady and regulators don’t raise red flags. But the exact timing is still unknown.

For now, investors are in “hurry up and wait” mode. The documents are filed, the ticker is picked, and the underwriters are lined up. All that’s left is the final green light and an announcement of when GEMI will hit the Nasdaq.

Gemini valuation: past and present

One of the biggest questions around the Gemini IPO is what the exchange will actually be worth when it hits the market.

Back in 2021, Gemini raised $400 million in a funding round that valued the company at about $7.1 billion. That was during the height of the last bull run, when trading volumes, and exchange profits, were booming.

Fast forward to 2025, and things look a little different. In its IPO paperwork, Gemini didn’t set a share price yet, which means we don’t know its exact market cap. Instead, the company will wait until closer to the IPO to let the market decide.

For context, Coinbase still trades at a multi-billion dollar valuation, and Bullish set a target of around $4.8 billion when it listed earlier this year. If Gemini ends up anywhere close to its 2021 number, it would place it right in the middle of those peers.

But whether investors buy into that figure will depend on how they view Gemini’s recent losses and overall market position.

Inside Gemini’s IPO filing: key numbers

Here’s a more detailed, investor‑friendly deep dive into Gemini’s financial reality.

• Gemini’s public S‑1 filing, released in August 2025, gives us the first real numbers to chew on. For the first half of 2025, the exchange brought in $68.6 million in revenue, down from $74.3 million in the same period of 2024.
• The net loss skyrocketed to $282.5 million, compared to a loss of $41.4 million a year earlier. This gives us a raw look at the challenges Gemini faces.
• Digging into Q2 details: revenue slid to about $33 million, while the net loss during the quarter jumped 374.8%, largely driven by reduced crypto valuations and balance‑sheet impacts.
• The opportunity side still exists. Gemini reported about 523,000 monthly transacting users, up 5.7% year over year, and $24.8 billion in trading volume. It’s a 50% increase that shows ongoing engagement. Yet trading fees are down, and incentives paid to market makers are cutting into margins
• On the balance sheet, Gemini holds ~$18.2 billion in assets under custody. It signals scale and trust, but shrinking cash reserves remain a concern
• To help shore up liquidity, Gemini negotiated a $75 million credit facility with Ripple Labs, with potential expansion to $150 million. While it provides a cushion, the company emphasized it’s not meant to directly fund the IPO, and borrowing would be collateralized with interest at 6.5–8.5%.
• And finally, though revenue declined and losses grew, Gemini still hopes to pull in as much as $100 million in gross proceeds from issuing Class A common stock. These are funds that would support general growth and help reduce third‑party debt.

Why is Gemini going public now?

Timing is everything in the IPO world, and Gemini’s decision to push forward in 2025 isn’t random. Several factors came together to make this year look like the right moment.

First, the regulatory climate in the U.S. has shifted. Earlier this year, lawmakers passed the GENIUS Act, a bill that set clearer rules for stablecoins. It gave exchanges more confidence that Washington is finally willing to work with the industry rather than against it.

On top of that, the SEC, under new leadership has eased off the “regulation by enforcement” approach that defined the last cycle. Gemini had been tangled in lawsuits over its Earn program. So, the fact that the SEC dropped its case in 2023, and the company later settled a smaller dispute with the CFTC for $5 million in early 2025, cleared a major obstacle.

Also, the market window has reopened. Coinbase’s 2021 IPO proved there’s demand for publicly traded crypto companies, but for a while the bear market kept others on the sidelines.

That changed in 2025, with Circle and Bullish both testing the waters successfully. Their strong debuts signaled that investors are once again interested in crypto infrastructure plays, and Gemini clearly doesn’t want to miss its chance.

And of course, there’s the financial angle. Gemini’s S-1 filing shows widening losses, and the company admits proceeds from the IPO will go toward “general corporate purposes” and paying down debt.

In plain terms, Gemini needs fresh capital to compete and expand. Going public gives it access to a much larger pool of funding than it could find through private investors alone.

Put together, a friendlier regulator, a receptive market, and a need for capital explain why the Gemini IPO is moving ahead now. Even if the financials aren’t picture-perfect.

Gemini vs other crypto exchange IPOs

To understand where Gemini fits in, it helps to look at the small but growing list of crypto exchanges that have already gone public.

Coinbase

Coinbase set the benchmark in April 2021 with its direct listing on Nasdaq. At its peak, its market cap topped $80 billion, though it has since fluctuated with the crypto market.

Coinbase remains the dominant U.S. exchange in terms of user base and trading volume, and it still trades under the ticker COIN today. For investors, Coinbase is the obvious comparison point: it showed both the highs and the risks of being a publicly traded crypto platform.

Bullish

Bullish joined the public markets in 2025, making it only the second U.S. exchange to do so. Its IPO came with a valuation target around $4.8 billion and, importantly, it priced its shares above expectations.

That gave a signal to Wall Street that the bear market didn’t destroy the appetite for crypto exchange stocks.

Context for Gemini

That’s the context Gemini is walking into. If it lists successfully, it would be the third U.S. crypto exchange IPO.

But Gemini’s pitch to investors is different.

• Coinbase sells scale
• Bullish highlights trading technology
• Gemini is leaning heavily on its compliance-first brand

Founded by the Winklevoss twins, it’s long tried to differentiate itself as the “regulated exchange” that institutions can trust.

Whether that’s enough to win over investors remains to be seen.

Compared to Coinbase, Gemini is smaller in both revenue and active users. Compared to Bullish, its losses are heavier.

But its reputation, established brand, and diversified products, including its Gemini Dollar stablecoin, custody services, and Gemini credit card, may give it a stronger narrative than the raw numbers suggest.

FAQ

What is the Gemini IPO date?

Gemini has not announced an official IPO date yet. The company filed its public paperwork in August 2025, and most analysts expect the listing could happen before the end of the year, depending on SEC approval and market conditions.

What is the Gemini IPO ticker and symbol?

Gemini plans to list on the Nasdaq under the ticker GEMI.

What is Gemini valuation?

Gemini was last valued at $7.1 billion in a 2021 funding round. Its IPO filing didn’t set a share price yet, so the current valuation will be determined closer to the IPO.

The bottom line: What to watch for

The Gemini IPO might become one of the bigger crypto stories of 2025. With its filing now public, we know Gemini is committed to going forward. The only missing piece is the exact IPO date.

What makes this listing worth following is how it sits at the intersection of crypto and traditional finance. Coinbase proved exchanges could make the leap in 2021. Bullish kept the momentum going in 2025. Now Gemini wants to join them as the third U.S. crypto exchange to go public, bringing along its compliance-first reputation and a diverse set of products.

The road ahead won’t be smooth: revenue is sliding, losses are widening, and competition in the exchange space is fierce. But Gemini’s brand, regulatory progress, and long-term focus may give it enough of a story to attract investors who believe crypto exchanges have a future on Wall Street.

And with Congress dedicating an entire ‘Crypto Week’ to fast-track bills like GENIUS and CLARITY, the regulatory environment looks more supportive than it has in years.