How do you all feel about Gemini IPO

Gemini is reportedly planning to go public soon, and I’m wondering how everyone feels about it. The company has been around for a while and is one of the few crypto exchanges with strong regulatory footing. They hold a BitLicense in New York and are registered in multiple US states. As far as I know, they have not had any major hacks or compliance issues, which is kind of rare in this industry.

They are also launching at a time when the market seems excited about crypto IPOs. After Circle and Bullish, Gemini is next in line. According to recent data, they have over 5 million monthly active users and more than 28 billion dollars in total trading volume. But financially, things are not perfect. In 2024, they posted a net loss of 158 million dollars and their total debt hit around 2.1 billion. That is a huge gap compared to their revenue.

So I am curious whether this IPO is a chance for a real turnaround or just a way to plug the financial hole.