Hougan and the firm’s head of research, Ryan Rasmussen, identified “growing investor demand, institutional adoption, a favorable macro environment, and a warmer political environment” as the main catalysts driving crypto companies to pursue public listings following Trump’s election victory.
Gemini’s losses widened considerably from $41.4 million in the first half of 2024 to $282.5 million during the same period in 2025.
The exchange posted total revenue of $67.9 million for the six months, down from $74.3 million year-over-year. For the full year 2024, Gemini recorded a net loss of $158.5 million on revenue of $142.2 million.
The filing revealed the exchange entered a credit agreement with Ripple Labs in July. The deal permits lending requests of at least $5 million each up to an aggregate commitment of $75 million.
The agreement allows increases up to $150 million based on specific metrics.
All lending bears interest rates of 6.5% or 8.5% annually and requires collateral security with repayment in US dollars.
The crypto IPO trend gained momentum after Trump’s Jan. 20 inauguration, with multiple exchanges and crypto-native companies pursuing public listings.
The momentum reflects broader institutional confidence in crypto’s regulatory outlook under Trump.
Hougan emphasized that the Trump administration’s pro-crypto stance creates unprecedented opportunities for digital asset companies to access traditional capital markets. Additionally, he stated that 2025 represents a “warmer political environment” for crypto IPOs compared to previous years.
Gemini plans to operate through a dual-entity structure, separating operations between New York-based Gemini Trust and Florida-based Moonbase.
The Moonbase entity will serve as the primary platform for most users, allowing the exchange to navigate New York’s restrictive BitLicense regulations that limit staking services.
This structure reflects the company’s approach to maintaining operational flexibility while addressing complex state-level regulatory requirements.
