GEMINI FILES FOR IPO ON NASDAQ

Summary from the TLDR Crypto newsletter

Gemini has filed a public S-1 to list on Nasdaq under the ticker GEMI. Revealing a $282.5M net loss in H1 2025 compared to $41.3M in the same period last year, the filing shows a shift of most users to its Florida-based Moonbase entity, away from New York's stricter regulatory regime. Gemini also disclosed a $75M credit agreement with Ripple, payable in RLUSD stablecoin, marking a deeper partnership as it aims to become the third U.S.-listed crypto exchange after Coinbase and Bullish.