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Gemini Plans Nasdaq Listing Under Ticker GEMI Amid Revenue Decline

Gemini’s public SEC filing targets a Nasdaq IPO potentially raising $400 million, supported by major underwriters, amid sustained losses and expanding crypto market listings.

RLUSD

Fact Check
The statement is fully supported by the provided evidence. All sources corroborate that Gemini has filed for an IPO with plans to list on the Nasdaq exchange under the ticker 'GEMI'. Furthermore, multiple sources, including Reuters and The Block, explicitly state that the company's filing revealed a decline or dip in revenue.
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Summary

Gemini filed a public Form S-1 with the SEC on August 15, 2025, to list on the Nasdaq Global Select Market under ticker GEMI via an IPO managed by Goldman Sachs and Citigroup, with Morgan Stanley as co-manager. Renaissance Capital estimates the offering could raise about $400 million, though share count and price remain undisclosed until SEC approval. The exchange reported $68.6 million revenue and $282.5 million net loss for H1 2025, continuing heavy losses from 2024. Gemini also secured a $75 million credit line from Ripple for RLUSD stablecoin liquidity, which remains unused. The IPO comes amid a wave of crypto-related public listings in a more favorable U.S. regulatory climate.

Terms & Concepts
  • IPO (Initial Public Offering): The process by which a private company offers its shares to the public for the first time.
  • Nasdaq: A U.S.-based stock exchange known for hosting technology and growth-oriented companies, including many blockchain-related firms.
  • Stablecoin: A type of cryptocurrency designed to maintain a stable value by pegging it to a reserve asset such as a fiat currency.