Gemini Prepares to IPO on Nasdaq: A Strategic Move in the Crypto Mainstream

Jakarta, Pintu News – The crypto market is experiencing an important turning point with regulatory clarity, institutional adoption, and technological innovation.

Gemini’s IPO on Nasdaq, which targets a valuation of $2.22 billion, is a strategic bet on this evolving landscape.

As the third US crypto exchange to pursue a public listing, the move reflects broader confidence in the integration of digital assets into traditional finance.

Regulatory Momentum: A Catalyst for Legitimization

Gemini’s IPO filing coincides with a critical shift in the regulatory environment. The US Securities and Exchange Commission’s (SEC) August 2025 ruling that Ripple (XRP) is not a security in the secondary market has redefined institutional access to the asset, driving its adoption.

Meanwhile, the passage of the GENIUS Act in July 2025 provides a clearer framework for stablecoins, addressing an important regulatory gray area. Gemini has also achieved a global regulatory milestone by securing a Markets in Crypto Assets (MiCA) license in Malta, which grants permission to operate in 30 European Economic Area (EEA) countries.

This license, together with MiFID II compliance, allows Gemini to offer tokenized shares, custody services and derivatives to institutional clients, in line with the trend of institutional adoption in Europe which is expected to grow from €12 billion in 2024 to €28 billion in 2026.

Also Read: Ondo Finance could be a crypto dark horse in Q4 2025? Here are 4 ONDO facts to know!

Institutional Adoption: Improving Infrastructure

Gemini’s institutional client base has grown rapidly, with over 10,000 institutions in 60 countries by 2025. Institutional trading volume jumped 60% in the Second Quarter of 2025 to $21.5 billion, with institutional clients now accounting for 87% of total trading activity.

This shift reflects the growing demand for crypto custody, trading and credit solutions among asset managers, family offices and corporates. Strategic partnerships have increased Gemini’s institutional appeal.

The Ripple (XRP)-focused credit card, jointly developed by Ripple and WebBank, enables institutional clients to spend Ripple (XRP) globally while complying with US AML and BSA requirements. Ripple’s $75 million investment into Gemini further strengthens this collaboration, increasing the utility of Ripple (XRP) in cross-border payments.

Market and Financial Dynamics: Balancing Risk and Reward

Gemini’s IPO filing revealed a mixed financial picture. Although revenue in 2024 reached $142.2 million, up from $98.1 million in 2023, the company reported a net loss of $282.5 million in the first half of 2025. This loss, a 580% increase from the same period in 2024, reflects aggressive investments in compliance, product development, and global expansion.

However, the funds raised from the IPO-which is targeting $317 million-will be allocated to debt repayment and operational scaling, addressing liquidity constraints. The success of the IPO largely depends on the market sentiment towards crypto.

With an IPO price on Nasdaq of between $17 and $19 per share, Gemini’s valuation implies a premium compared to its peers, such as Coinbase, which traded at a lower price-to-earnings multiple after its IPO. However, the broader crypto bull cycle, driven by macroeconomic backwinds and the US Strategic Bitcoin Reserve, may justify this premium.

Takeaway: A Bridge to Mainstream Finance

Gemini’s IPO on Nasdaq is more than just a fundraising exercise-it’s a strategic move to cement crypto’s role in mainstream finance. By leveraging regulatory clarity, institutional partnerships, and innovative products, the company is addressing infrastructure gaps that have historically hindered adoption.

Although financial risks remain, the broader trend towards institutionalization and regulatory normalization suggests that the Gemini IPO could serve as a catalyst for the next growth phase of the sector.

Also Read: XRP or Bitcoin? 3 Facts from the Chart that Reveal the Truth

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Reference

• AINVEST. Gemini-Nasdaq IPO: A Strategic Play for Mainstreaming Crypto. Accessed on September 4, 2025