The cryptocurrency exchange Gemini recently submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC), with hopes of listing on Nasdaq under the ticker "GEMI". Founded by the Winklevoss twin brothers, the company has faced financial challenges; however, user activity has significantly increased, reflecting the ongoing market demand for cryptocurrency trading platforms.

According to the disclosure in the application documents, Gemini achieved a revenue of $142.2 million last year, but at the same time, it incurred a net loss of $158.5 million. In the first half of 2025, the company's revenue increased to $68.6 million, but the loss further expanded to $282.5 million. Despite the continued financial pressure, Gemini's operational data shows a positive trend: the number of trading users increased to 523,000, trading volume rose by 50%, and the total assets on the platform also climbed by 30%.

Industry analysts believe that Gemini's decision to apply for an IPO at this time may be to seize the opportunity of the recovery in the encryption market, while it may also be to alleviate the company's financial pressure. It is estimated that this IPO aims to raise approximately $400 million.

As the cryptocurrency market gradually matures, large exchanges like Gemini are seeking to go public, which not only helps enhance the company's transparency and credibility but also provides new momentum for the standardized development of the entire industry. However, while investors focus on this listing opportunity, they should also fully recognize the high-risk nature of the cryptocurrency industry and prudently assess related investment decisions.