Summary
- It was reported that Gemini had disclosed its S-1 filing to pursue a Nasdaq listing.
- Gemini announced that it recorded a $282.5 million net loss and a $113.5 million adjusted EBITDA deficit in the first half of this year.
- It was reported that the S-1 document confirmed the signing of a $75 million credit line agreement with Ripple.
Gemini, a cryptocurrency exchange, is reportedly seeking to list on the Nasdaq.
On the 16th (KST), The Block, a cryptocurrency-focused media outlet, reported based on Gemini's newly released S-1 filing that the company is moving forward with its Nasdaq IPO. Details such as offer price and schedule have not yet been determined. The S-1 filing is a type of registration statement that must be submitted to the U.S. Securities and Exchange Commission (SEC) prior to a company's public listing.
Gemini has selected Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald as underwriters for its IPO. Gemini's S-1 filing was first submitted privately in early June, before being made public this time.
According to the public S-1 form, Gemini recorded a net loss of $282.5 million in the first half of this year. This is a sixfold increase compared to the same period last year (-$41.3 million). Adjusted EBITDA also swung from a $32 million profit to a $113.5 million loss. In 2024, total revenue was $142 million, and the net loss was $158.5 million.
Meanwhile, the S-1 document also revealed that Gemini had entered into a $75 million credit line agreement with Ripple.
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