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Gemini has officially moved closer to Wall Street with its public filing, laying open a balance sheet that highlights rising costs and widening losses. The exchange, founded by the Winklevoss twins, has taken the next step in its bid to go public by submitting an S-1 with the SEC.
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The S-1 filing shows that Gemini is under pressure as it tries to scale in a highly competitive crypto market. Operating losses jumped to nearly $113.5 million between January and June 2025, compared to $84.8 million in the same period last year.
The biggest drain came from salaries and compensation, which totaled $71.1 million. Technology-related expenses added $34.5 million, while general and administrative costs jumped to $26.8 million, about $6.8 million higher than a year ago.
Transaction processing brought another $10.4 million to the table, and sales and marketing costs skyrocketed from $7 million to $25.2 million in just a year.
Even with a bullish crypto market in the first half of 2025, Gemini only pulled in $68.6 million in revenue. That number looks small when stacked against its $182 million in expenses, which were up from $159.1 million during the same timeframe in 2024.
The imbalance between revenue growth and rising costs paints a picture of a firm still trying to find the right scale to compete with exchanges like Coinbase, Kraken, and Binance.
Reports in June suggested Gemini had filed confidentially with the SEC for its IPO. By doing so, the exchange tested the waters with investors without revealing full details. Now, with the public S-1 filing, Gemini has put its financials on display.
Confidential filings often shield companies from early market reactions or moves by rivals to counter them. However, by going public with the filing, Gemini is signaling that it is committed to making the leap despite the challenges shown in its balance sheet.
The exchange’s expenses—salaries, tech, marketing, and administration—far outpaced revenue, leading to losses.
The platform was founded by Tyler and Cameron Winklevoss, best known for their early involvement in Facebook.
Gemini reported $68.6 million in revenue during the first half of the year.
An exact IPO date hasn’t been announced yet. The filing process is ongoing with the SEC.
Gemini’s SEC filing shows the uphill battle the exchange faces as it pushes toward an IPO. With $182 million in expenses and just $68.6 million in revenue, the numbers underline the challenges of scaling in the crypto industry. Backed by the Winklevoss twins, Gemini is betting that a public listing will help it gain traction and compete more effectively in a crowded market.