Founded in 2014 in New York, Gemini operates as a exchange and depositor, providing a variety of digital financial products, including stablecoin guaranteed in USD and cryptocurrency refund credit cards.
However, financial reports show that the company is suffering heavy losses. In 2024, Gemini recorded revenue of 142.2 million USD but net loss of 158.5 million USD. In just the first 6 months of 2025, net losses increased to $282.5 million on revenue of $67.9 million.
The listing move comes amid loosening the legal environment with digital currency in the US, and the support of the Trump administration. Before that, many big names in the industry were also on the list. In June, Circle Internet Group successfully raised 1.2 billion USD and stocks increased by 168% compared to IPO price. However, Circle still reported a quarterly loss due to costs arising from the public offering.
Earlier this month, Bullish - the owner of CoinDesk, chaired by former NYSE Chairman Tom Farley, also raised $1.1 billion when IPO, with stock prices doubling to $118 compared to the $37 offering price.
