Gemini files for U.S. IPO as crypto market matures

Gemini’s cryptocurrency exchange has filed for a U.S. initial public offering, marking another milestone for a sector that has seen renewed investor interest as digital assets increasingly edge toward mainstream finance. In the six months through June 30, Gemini reported a net loss of about $282.5 million on revenue of $68.6 million, a worsening from the year-ago period, when losses were $41.4 million on $74.3 million of revenue. The terms of the offering were not disclosed, but the company said proceeds would be used for general corporate purposes and to repay all or part of third-party debt. Gemini plans to list on Nasdaq under the GEMI ticker, with Goldman Sachs and Citigroup serving as lead bookrunners. The platform supports more than 70 cryptocurrencies and operates in over 60 countries and also maintains a stablecoin, the Gemini Dollar, pegged to the U.S. dollar.

The public offering comes as a wave of digital-asset firms seek broader access to capital markets. Investor interest has rebounded after a lull tied to trade-policy uncertainty, and recent IPOs by other crypto companies have drawn strong demand. Observers say the key questions for investors will focus on the...