Gemini upsizes IPO to $433M for $3B Nasdaq debut
Crypto exchange Gemini increased its U.S. initial public offering to approximately $433 million after raising the price range to $24–$26 per share. The new pricing implies a valuation just over $3 billion when the company goes public on Nasdaq this week.
The exchange, founded by Cameron and Tyler Winklevoss, will offer roughly 16.67 million shares under the ticker symbol "GEMI." The company previously set the price range at $17-19 per share before increasing it to attract additional funding ahead of the listing.
Gemini arranged a $50 million private placement with Nasdaq, where the exchange operator will purchase shares during the IPO. Goldman Sachs and Citigroup are managing the offering as lead underwriters.
The company reported $68.6 million in revenue for the six months ending June 30, 2025, alongside a net loss of $282.5 million during the same period. Trading activity grew compared to the previous year, according to Gemini's latest regulatory filing.
Gemini started operations in 2014 and serves both retail customers and institutional clients. The public listing will place Gemini among a limited number of publicly traded crypto exchanges, joining Coinbase and Bullish in the public markets.
The IPO comes during a period of increased equity offerings from digital asset companies in U.S. markets. Several crypto firms have pursued public listings as the sector gains broader acceptance among traditional investors and regulatory clarity improves.
The Winklevoss brothers, known for their early involvement with Facebook and subsequent focus on cryptocurrency, have built Gemini into a regulated platform that emphasizes compliance and security. The exchange operates under New York state banking regulations and holds licenses in multiple jurisdictions.
Gemini's public debut will provide investors with another way to gain exposure to the cryptocurrency sector through traditional stock markets. The company competes with other major exchanges for market share in both retail and institutional trading segments.
The pricing and debut timing depend on market conditions and investor demand during the final marketing phase. Gemini expects to complete the IPO process and begin trading on Nasdaq shortly after finalizing the share price this week.
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