Recently, the Crypto Assets trading platform Gemini officially announced its S-1 registration document, revealing that the company had secretly submitted its registration draft as early as the beginning of June. According to the disclosed information, Gemini plans to list on NASDAQ under the stock code "GEMI". Although the specific IPO pricing range has not been disclosed, it has been confirmed that Goldman Sachs, Citigroup, Morgan Stanley, and Cantor will serve as the main underwriters.

The assets managed by the Gemini platform have exceeded $18 billion, with revenue based on trading volume accounting for 65.5% of total revenue in the first half of this year. However, the latest financial data shows that the company is facing severe operational pressure: in the first half of 2025, the net loss reached $282.5 million, a significant increase compared to the $41.4 million loss in the same period last year. Adjusted EBITDA shifted from a profit of $32 million in the same period last year to a loss of $113.5 million. For the whole year of 2024, Gemini recorded a net loss of $158.5 million on a revenue of $142.2 million.

It is worth noting that Gemini is undergoing significant strategic adjustments. The company plans to migrate most users to the "Moonbase" entity registered in Florida, while retaining operations of Gemini Trust in New York. This move may be in response to the strict regulations imposed on crypto enterprises by New York State through the BitLicense.

Gemini's listing plan and business restructuring reflect the opportunities and challenges faced by the Crypto Assets industry. Despite poor financial conditions, the company still chooses to advance the listing process at this time, possibly aiming to gain more resources from the capital market to support its long-term development. Meanwhile, the user migration strategy also demonstrates the company's efforts to seek greater flexibility within the regulatory environment.

As the Crypto Assets market continues to evolve, how these measures by Gemini will impact its future development trajectory, as well as the changes in the landscape of the entire industry, is worth close attention from market participants.