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Gemini: A Regulated Gateway to the World of Cryptocurrencies
The cryptocurrency market is known for offering significant opportunities, but also substantial risks. Gemini, the exchange founded by the Winklevoss brothers, has positioned itself from the outset as a platform aiming to bring order, regulation, and security to the crypto world. While other exchanges attracted customers through aggressive marketing, Gemini focused on regulatory compliance and building trust.
From a financial performance perspective, however, Gemini has yet to demonstrate a profitability story. In the first half of 2025, the company generated revenue of $68.6 million, representing a decline of approximately 15% compared to the same period in 2024.* Net losses exceeded $280 million, widening year-on-year. This indicates that the company is struggling with declining trading volumes and higher costs—key factors that investors should take into account.
Gemini’s listing on the Nasdaq under the ticker GEMI is expected in the first half of September. According to the prospectus, the company plans to raise approximately $500 million, with the IPO including both new shares and stakes from existing shareholders. The total number of shares to be issued and the exact price range have not yet been disclosed, nor has the portion allocated for retail investors. The lead underwriters are major Wall Street banks such as Goldman Sachs, Morgan Stanley, Citigroup, and Cantor Fitzgerald, a clear signal that large financial institutions are taking the cryptocurrency sector seriously.
Gemini’s IPO is among the most controversial of this September. On one hand, there is the vision of a regulated, secure exchange that could benefit from the long-term growth of cryptocurrencies and related financial products. On the other hand, weak financial figures may discourage more conservative investors.
Gemini could be an interesting option for those willing to take on higher risk and who want a more speculative position in their portfolio, with the potential for high returns if cryptocurrencies regain strength. It is a bet on Gemini’s ability to establish a stable and respected gateway into the digital financial world.
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*Past performance is not indicative of future results.