Crypto Daily | Crypto Exchange Gemini Files for IPO; SharpLink Stock Dives Amid Significant Financial Losses

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Citigroup Considers Custody and Payment Services for Stablecoins, Crypto ETFs

Citigroup is exploring providing stablecoin custody and other services, a top executive told Reuters, in a further sign sweeping policy changes in Washington are spurring major financial firms to expand into the cryptocurrency business.

The U.S. bank is among a handful of traditional institutions, including Fiserv and Bank of America, considering pushing into stablecoins after Congress passed a law paving the way for the crypto tokens to become widely used for payments, settlement, and other services. Stablecoins are cryptocurrencies pegged to a fiat currency or another asset, commonly the U.S. dollar.

That law requires stablecoin issuers to hold safe assets such as U.S. Treasuries or cash to back the digital coins, creating opportunities for traditional custody banks to provide safekeeping and administration of the assets.

Winklevoss Twins' Gemini Reveals Lower Revenue and Wider Loss in US IPO Filing

Gemini’s revenue fell and losses widened in the first half of 2025, the cryptocurrency exchange said in a U.S. IPO filing, joining a wave of digital-asset firms seeking to tap public markets.

Terms of the offering were not disclosed in the filing, made public on Friday.

The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier.

Gemini issues the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the U.S. dollar.

Gemini, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol "GEMI." Goldman Sachs and Citigroup are acting as lead bookrunners.

SharpLink Stock Dives After Q2 Loss as Ethereum Price Surge Cools

SharpLink Gaming’s shares plummeted Friday as the online gambling marketer disclosed disappointing earnings for the second financial quarter.

SharpLink reported $103 million in net losses for the three-month period ending on June 30—a stark contrast to its nearly $12 million net income during the same quarter last year.

Revenue came in at $1.4 million for the second quarter, down 30% from the same time last year. The company clocked $0.3 million gross profit, marking a 50% decrease from the first half of last year.

Digital Currency Group Sues Subsidiary Genesis Over $1.1 Billion Loan

Digital Currency Group has sued its subsidiary Genesis, claiming that the collapsed crypto lender has actually profited in the long-term following its collapse and subsequent bailout. 

In a lawsuit filed Thursday, DCG said that the $1.1 billion loan it gave to Genesis in 2022 was ultimately more than enough to cover its losses.

Crypto lender Genesis went bankrupt in 2023 as it had lent money to collapsed crypto firm Three Arrows Capital and other firms during the bear market and "crypto contagion" that spread across the industry in 2022.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Friday was $14.13 million. The total net asset value of Bitcoin spot ETFs is $151.98 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.54%.

The Bitcoin spot ETF with the highest net inflow on August 15 was iShares Bitcoin Trust ETF (IBIT), with a net inflow of $114.4 million.

Source: SoSoValue

The overall net outflow of the US Ethereum spot ETF on Friday was $59.34 million. The total net asset value of Ethereum spot ETFs is $28.15 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.34%.

The Ethereum spot ETF with the highest net inflow on August 15 was iShares Ethereum Trust ETF (ETHA), with a net inflow of $338.09 million.

Source: SoSoValue