Gemini Hires Goldmans (GS), Citi (C), Morgan Stanley (MS) and Cantor as Lead Bookrunners For its IPO

Crypto alternate Gemini filed an up to date registration assertion for its preliminary public providing effort, sharing a couple of extra particulars in its push to grow to be a publicly traded agency.

Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and Cantor performing as lead bookrunners on the IPO, Gemini mentioned in a press launch Friday.

Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company and Rosenblatt are additionally performing as bookrunners, the corporate mentioned. Academy Securities and AmeriVet Securities are performing as co-managers.

The S-1 printed on Friday follows a confidential submitting submitted to the U.S. Securities and Exchange Commission again in June, and confirms “Gemini Space Station,” co-founded by Cameron and Tyler Winklevoss, intends to promote an undisclosed variety of Class A shares.

Gemini’s submitting indicated that it had generated complete income of $142.2 million in 2024, up from $98.1 million the prior yr. For the six months ending on June 30, 2025, the whole income was $68.6 million, down from $74.3 million within the first six months of 2024.

Its web loss in 2024 stood at $158.6 million, in comparison with $319.7 million in 2023. That determine stood at $282.5 million for the primary six months of 2025.

Its earnings earlier than curiosity, taxes, depreciation and amortization for 2024 stood at a lack of $13.2 million, and a lack of $113.5 million for the primary half of 2025.

Like different crypto companies, Gemini pointed to plain dangers within the threat portion of the submitting, together with the final nature of blockchain networks and how banks and regulators view the trade.

“Key factors influencing the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology; regulatory and quasi-government restrictions on access to and operation of blockchain networks; and the maintenance of open source protocols that support blockchain networks,” the submitting mentioned.

Gemini is barely the newest crypto firm to strive and go public this yr, following Circle (CRCL), eToro (ETOR) and CoinDesk dad or mum firm Bullish (BLSH). BitGo has filed for paperwork to go public as properly.

Gemini plans to checklist its Class A typical inventory on the Nasdaq Global Select Market underneath the ticker image GEMI.

Read extra: Billionaire Winklevoss Twins-Backed Exchange Gemini Files With SEC For Planned IPO