Gemini’s S-1 filing confirms its bid to go public on Nasdaq (GEMI) while exposing deeper financial struggles—and a strategic pivot away from New York’s tough crypto oversight.
Key Takeaways:
- Financial Decline: H1 2025 losses hit $282.5M, dwarfing the $41.4M loss in H1 2024. Revenue remains under pressure.
- Florida Shift: The creation of “Moonbase” signals an effort to relocate core operations to a crypto-friendlier jurisdiction, though Gemini Trust will remain in New York.
- Banking on Wall Street: The IPO’s underwriters include Goldman Sachs and Morgan Stanley, suggesting Gemini aims to position itself as an institutional-grade player.
Notably, Gemini still cannot offer staking to New York users—a lingering constraint of its BitLicense.
