PANews reported on August 16 that cryptocurrency exchange Gemini disclosed details of its IPO, according to The Block. Previously, a draft registration statement was confidentially filed in early June. The document shows that Gemini has applied to list on the Nasdaq Stock Exchange under the ticker symbol GEMI. The IPO price was not disclosed. Gemini's financial data was weaker than previously known; the company reported a net loss of $282.5 million in the first half of 2025, compared to a loss of just $41.4 million in the same period last year. The document shows that adjusted EBITDA fell from a profit of $32 million to a loss of $113.5 million during the same period. In 2024, the company's revenue was $142.2 million and its net loss was $158.5 million.

The filing also reveals that Gemini will move most of its users to a Florida-based "Moonbase" entity, while Gemini Trust will remain in New York. New York has historically had stricter regulations for cryptocurrency companies under its BitLicense rules; Gemini offers staking services to users in all states except its headquarters in New York. The filing also discloses a credit agreement between Gemini and Ripple, entered into in July 2025, valued at up to $75 million, to be paid in Ripple's RLUSD stablecoin.

If Gemini's IPO is successful, it will become the third publicly listed cryptocurrency exchange in the United States, following Coinbase and Bullish, which listed on the New York Stock Exchange this week.