Gemini’s revenue fell and losses widened in the first half of 2025, the cryptocurrency exchange said in a US IPO filing, joining a wave of digital-asset firms seeking to tap public markets.

Terms of the offering were not disclosed in the filing, made public on Friday.

The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier. 3

US IPO activity has rebounded in recent months following a slowdown earlier this year caused by uncertainty over trade policy changes, with several new listings drawing strong investor demand.

Digital asset companies have also featured prominently in the IPO market in recent months, including blockbuster debuts

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