What to know:
- Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are the big guns behind Gemini’s IPO. 🎉
- Gemini’s Class A common stock will soon grace the Nasdaq Global Select Market under the ticker GEMI. 📈
Crypto exchange Gemini has finally thrown its hat into the IPO ring, filing an updated registration statement that reveals a few more juicy details about their grand plan to become a publicly traded company. 🤑
Who’s steering this ship? None other than Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS), and Cantor, according to a press release that’s as exciting as a cup of lukewarm tea. 🍵
But wait, there’s more! Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company, and Rosenblatt are also on board, along with co-managers Academy Securities and AmeriVet Securities. It’s like a who’s who of financial heavyweights! 💪
This S-1 filing, which follows a confidential submission to the U.S. Securities and Exchange Commission back in June, confirms that “Gemini Space Station,” co-founded by the legendary Winklevoss twins, is ready to launch into the public market. 🚀
So, how’s business? Well, Gemini reported a total revenue of $142.2 million in 2024, a significant jump from the $98.1 million they made the previous year. However, the first half of 2025 wasn’t as stellar, with revenues dipping to $68.6 million from $74.3 million in the same period of 2024. 📉
On the loss front, 2024 saw a net loss of $158.6 million, a vast improvement from the $319.7 million loss in 2023. For the first six months of 2025, the loss was $282.5 million. It’s clear they’re still navigating some choppy waters. 🌊
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also took a hit, with a loss of $13.2 million in 2024 and a whopping $113.5 million loss in the first half of 2025. Ouch! 😬
But hey, it’s not all doom and gloom. Gemini acknowledges the usual suspects when it comes to risks, like the unpredictable nature of blockchain networks and the ever-watchful eye of regulators and banks. 🕵️♂️
“The future of blockchain networks and digital assets depends on global adoption, regulatory restrictions, and maintaining those oh-so-important open source protocols,” they say. 🌐
Gemini isn’t alone in this race to go public. They’re following in the footsteps of other crypto giants like Circle (CRCL), eToro (ETOR), and CoinDesk’s parent company Bullish (BLSH). BitGo is also in the running, so it’s a crowded field. 🏃♂️💨
And there you have it, folks. Gemini’s Class A common stock is set to make its debut on the Nasdaq Global Select Market under the ticker GEMI. Watch this space! 🌟
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2025-08-16 19:12