Gemini Files for IPO Despite $282 Million Loss — A Calculated Gamble?

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has made a bold move — officially filing for an IPO amid a challenging financial landscape. According to the SEC filing, the company reported a massive net loss of $282.5 million in the first half of 2025.

But that’s not the whole story. Revenue during the same period surged 45% to $142.2 million, a sign that demand for crypto trading services remains strong. Monthly transacting users increased by 5.7%, trading volume grew by 50%, and total platform assets rose by 30%. These metrics hint at robust underlying growth — albeit with high operational costs.

Industry analysts say the IPO, if successful, could give Gemini much-needed capital to compete with rivals like Coinbase and Binance, and perhaps signal a broader thaw in the crypto IPO market.

"Yes, the losses are huge. But Gemini is playing a long-term game — and betting on being ready for the next bull cycle," said a market strategist at Digital Assets Watch.