Crypto exchange Gemini has filed for a public listing, revealing the company’s balance sheet along with its deep losses.

According to an S-1 filing submitted to the Securities and Exchange Commission (SEC), Gemini posted an operating loss of nearly $113.5 million in the first half of 2025.

The red ink follows an $84.8 million operating loss in the same period last year. The filing also shows that rising costs in key areas are weighing heavily on the firm. Salaries and compensation amounted to $71.1 million, while technology expenses totaled $34.5 million. General and administrative costs also jumped to $26.8 million, more than $6.8 million higher than the previous year.

Transaction processing added another $10.4 million to the tab, while sales and marketing exploded from $7 million to $25.2 million year-over-year. In total, Gemini’s operating expenses reached $182 million for the first six months of 2025, up from $159.1 million over the same time period last year.

The company’s IPO filing highlights the pressure of scaling in a competitive crypto market, with mounting expenses outpacing revenue of just $68.6 million for the period, despite a raging digital asset bull run.

In June, reports emerged that Gemini, backed by the billionaire Winklevoss twins, had submitted a confidential filing for an initial public offering (IPO) with the SEC. At the time, the firm kept some of its crucial financial data private while testing public demand for its stock.

Filing confidentially also allows firms to prevent potential early market reactions or strategies employed by competitors to hinder them.

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