Gemini, the cryptocurrency exchange founded by the Winklevoss twins in 2014, announced its plan to launch a US initial public offering on Tuesday. The firm aims to list 16.67 million shares at a price between $17 and $19 each, targeting total gross proceeds up to $317 million. Based on fully diluted share count, the IPO seeks a valuation range of $1.9 to $2.22 billion. The filing notes that the underwriters have a 30-day option to purchase up to 2.5 million additional shares to cover overallotments. Gemini intends to list on the Nasdaq under the ticker symbol “GEMI.” The exchange said net proceeds will be used for general corporate purposes, including strategic investments and expanding product offerings.
The proposed listing underscores growing demand for public crypto platforms after recent market rallies and landmark regulatory approvals of spot Bitcoin and Ether exchange-traded funds. Analysts view the timing as opportune, given strong investor interest in digital asset infrastructure following successful debuts by peer firms earlier this year. Gemini’s application highlights progress in mainstream adoption and regulatory clarity in the digital asset sector, including recent guidance on custody and disclosure. The exchange competes directly with Coinbase and Bullish, which have shown robust trading volumes since listing. Market observers anticipate increased liquidity and institutional interest, anticipating that public status will enhance corporate transparency, governance, and brand recognition. The Winklevoss twins first gained prominence with an early settlement of their legal dispute against Facebook and parlayed those funds into Bitcoin purchases that funded the launch and growth of Gemini into a leading global cryptocurrency exchange known for its compliance-first approach. Investors will watch pricing dynamics closely, as demand signals may shape future market sentiment across the crypto IPO landscape.
Gemini reported approximately $10 billion in annual trading volume and over 10 million retail customers across more than fifty countries as of June 30, 2025. The exchange has expanded its suite to include custodial services, institutional prime brokerage, and a blockchain-based wallet service. Recent strategic partnerships and product launches in decentralized finance and nonfungible token marketplaces supported growth momentum. The firm highlighted a need for enhanced risk management and partner diversification as key areas for reinvestment from IPO proceeds. Underwriters Goldman Sachs and Citigroup will lead the offering, with joint bookrunning duties shared by several major investment banks. Pricing and final share allocation remain subject to market conditions and regulatory approval, with the company targeting a mid-October pricing date and trading commencement shortly thereafter.
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