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Jessy, bitchain vision
U.S. compliance exchange Gemini will be listed on Nasdaq this week under the stock code “GEMI”.This is the third cryptocurrency exchange listed in the United States after Coinbase and Bullish.
Gemini now plans to issue shares at a price of $24 to $26 per share, up from the initial range of $17 to $19 per share, according to the exchange’s updated prospectus filed with the Securities and Exchange Commission on Tuesday.The planned fundraising is up to US$433 million, up from the target of US$317 million when it was first declared on September 2.And its valuation also reached US$3 billion.Gemini also received a strategic investment of US$50 million in Nasdaq for this IPO.
Not just Gemini, there are many crypto companies that will make an IPO in the United States soon.On the same day Gemini went public, the lending platform Figure will also be listed.
However, in sharp contrast to the popularity, Gemini’s financial situation is not ideal.According to the updated prospectus, Gemini’s net loss reached US$282.5 million in the first half of 2025, far higher than the loss level in the same period last year.Revenue in the same period was US$68.6 million, down about 8% year-on-year.
This is also two sides of the crypto listing boom. On the one hand, it is the hottest support of the capital market, and on the other hand, the real profitability of companies is still being questioned by the market.
Compliance Dreams of Twin Brothers Benefiting from Early Investment in Bitcoin
Gemini is founded by twin brothers Cameron and Tyler Winklevoss from Harvard.The pair became famous for their lawsuits with Mark Zuckerberg over early ownership of Facebook, and ended up receiving about $65 million in settlements.This money was later partially invested in Bitcoin investors, making the brothers an early giant holder of cryptocurrencies.In 2014, they founded Gemini in New York, emphasizing the positioning of “compliance” and “security”, trying to build a trading platform recognized by the traditional financial system for the crypto industry.It obtained a trust license issued by the New York Department of Financial Services in its early days and became one of the first American platforms to obtain Ethereum transaction licenses in 2016.
Since its establishment, Gemini has not only provided cryptocurrency trading, but has also expanded in custody, stablecoins (GUSD), credit cards and derivatives businesses, especially for custody and compliance risk control.
Currently, the company holds a trust license from the New York State Bureau of Financial Services.It also obtained a compliance license under the EU’s Crypto Assets Market Supervision Act (MiCA) this year, and also holds a previously obtained MiFID II investment company license. Various qualifications together form the compliance basis for its business in Europe.With this series of licenses, Gemini can not only provide crypto asset trading and custody services in legally and compliantly in 27 EU member states, but also cover three European Economic Area countries: Iceland, Liechtenstein and Norway, with a total service scope of 30 European countries and regions.
According to financial data, Gemini has a great challenge.The prospectus shows that in the first half of 2025, the company’s net loss was approximately US$282.5 million, nearly six times higher than the same period last year; revenue in the same period was US$68.6 million, a decrease from US$74.3 million in the same period last year.Gemini’s transaction volume was approximately US$24.8 billion in the first half of 2025, the platform’s custodial assets were approximately US$18.2 billion, and the number of monthly active transaction users was 523,000.While these figures show that it is still a large exchange, there is still a significant gap compared to market leaders such as Coinbase.According to industry data, Coinbase currently accounts for about 49% of the U.S. spot market, while Gemini has accounted for about 3% at its highest in the past few years, but its market share has declined in recent years.
The Cold and Hot Behind the Crypto Listing Boom
Gemini’s listing is happening against the backdrop of the recovery of the US IPO market.As the overall U.S. stock market strengthens, the enthusiasm for technology companies to go public has been rekindled, and blockchain and crypto-related companies have also become new popular sectors.Gemini’s listing is not an isolated case. On the same day it was listed, blockchain lending platform Figure will also be listed on the New York Stock Exchange.Previously, Bullish had completed its listing in August, and its stock price doubled on the first day, with a valuation of more than US$13 billion; while Coinbase’s Nasdaq listing in 2021 pushed crypto assets into the mainstream financial market, with a market value of more than US$100 billion on the first day, and is still a weather vane in the industry.
However, the capital market path for crypto companies is not smooth.Although Coinbase achieved revenue of nearly $6.6 billion and net profit of nearly $2.6 billion in 2024, its stock price has experienced many sharp fluctuations, which also shows the fragility of its stock price, and its price performance is deeply affected by policy regulation.Bullish’s valuation was amazing when it went public, but in fact it was still in a loss-making state.Gemin’s financial data also suggests that it performs closer to the latter.
Gemini’s increase in fundraising targets reflects that investors’ interest in crypto infrastructure companies is still strong, but the financial reality of its losses also makes people worry about the long-term profit path.The compliance costs of crypto exchanges are high and competition is fierce. How to achieve long-term growth is not easy.
Whether Gemini can gain a foothold in the capital market like Coinbase in the future may depend on several key variables: one is whether it can continue to attract institutional customers and expand the scale of transaction and custody business; the second is whether it can achieve revenue growth through regulatory breakthroughs in the European market; and the third is whether it can maintain stability in regulatory games and market fluctuations.
For investors, judging whether Gemini has long-term investment value, we also need to refer to its performance in the following financial report cycles.
