BlockBeats News, August 16th: Cryptocurrency exchange Gemini officially disclosed its S-1 filing on Friday, revealing that its registration statement was submitted confidentially as early as the beginning of June.

The filing shows that Gemini is applying to list on the Nasdaq Stock Market under the stock ticker "GEMI." Although the IPO price range has not been made public, it has been confirmed that Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are acting as lead underwriters. Assets on the Gemini platform exceed $18 billion. In the first half of this year, transaction-based trading revenue accounted for 65.5% of Gemini's revenue.

The financial data reveals a more challenging operating situation for Gemini than previously known: a net loss of $282.5 million in the first half of 2025, a significant increase from the $41.4 million loss in the same period last year. Adjusted EBITDA deteriorated from a profit of $32 million in the same period last year to a loss of $113.5 million. In 2024, the trading platform reported a net loss of $158.5 million on revenue of $142.2 million.

Furthermore, Gemini will migrate most users to its "Moonbase" entity registered in Florida, retaining only the Gemini Trust operation in New York. New York State has historically imposed strict regulation on crypto companies through the BitLicense, making Gemini unable to offer staking services locally.

It is worth noting that Gemini has entered into a credit agreement with Ripple for up to $75 million (expandable to $150 million). When the borrowing exceeds the initial commitment amount, it can be converted to Ripple's RLUSD stablecoin for withdrawal. Currently, this credit line has not been utilized.