Gemini: Crypto exchange plans IPO with up to $3 billion

INFBusiness
12.09.2025
Markets

US crypto broker Gemini is going public and has raised its expected share price to between $24 and $26. This could give the company a valuation of over $3 billion in its Wall Street debut. Originally, the price range was between $17 and $19.
In a cover letter, co-founders Tyler and Cameron Winklevoss explained that financial markets are moving on-chain and digital assets are changing the way value is stored and transferred. Gemini aims to create a super app for the crypto economy.
The exact date of the IPO has not yet been determined. However, according to the SEC filing, it will take place “as soon as practicable.” The shares will trade on the Nasdaq under the ticker GEMI. Goldman Sachs, Cantor, and Morgan Stanley are supporting the IPO. Gemini has also entered into an agreement with Nasdaq Inc., which will purchase $50 million of its own shares at the IPO price.
Approximately 10 percent of the shares (1.67 million GEMI) will be distributed to specific individuals and institutions through a “Directed Share Program.” Gemini intends to use this program to specifically target strategic investors.
With Gemini, another major crypto company joins this year's IPOs. Circle and Bullish previously made headlines: Both significantly exceeded expectations. Circle's stock tripled on its first day of trading, even leading to trading halts.
The current financial situation is strained: Gemini incurred a loss of $158.5 million in 2024 and already a loss of $282.5 million in the first half of 2025. Cash reserves fell from $341.5 million at the end of 2024 to just $161.9 million in mid-2025.
Gemini was founded in 2014 by the Winklevoss twins and is one of the first regulated crypto exchanges in the U.S. In addition to a cryptocurrency trading platform, the company operates a custody solution, the U.S. dollar-pegged stablecoin Gemini Dollar (GUSD), and a crypto rewards credit card.

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