Gemini Targets $317 Million in IPO, Valuing Exchange at $2.2 Billion

Crypto exchange Gemini has filed plans for a U.S. initial public offering that could raise up to $317 million and value the firm at about $2.22 billion. The offering marks a significant step for the Winklevoss twins’ company as crypto businesses test renewed appetite in public markets.

Gemini Moves Toward Nasdaq Listing

In an SEC filing, Gemini Space Station, Inc. said it intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker “GEMI.” The firm will offer 16.67 million shares priced between $17 and $19 each. Underwriters will also have a 30-day option to buy about 2.5 million additional shares.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are leading the underwriting syndicate, which is joined by a group of other investment banks.

In filings with the Securities and Exchange Commission, Gemini reported $142.2 million in revenue for 2024, compared with $98.1 million the previous year. While smaller than Coinbase, the results point to higher trading activity during last year’s rally in bitcoin and other digital assets.

Significance for the Winklevoss Twins

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini has positioned itself as a regulated exchange for U.S. investors. However, the company has faced challenges, including a dispute with bankrupt lender Genesis that drew regulatory scrutiny, but continues to pursue growth in a competitive market.

The IPO comes as crypto firms return to U.S. public markets, following listings by Circle, eToro, and Bullish. Gemini’s mid-sized scale could attract investors betting on wider adoption of digital assets, though the company cautioned that the deal depends on market conditions and may not proceed as planned.

Read more: After Circle’s IPO, Crypto Exchange Gemini Takes Next Step Toward Listing With SEC Filing

Gemini’s IPO plans follow recent regulatory resolutions. Earlier this year, the U.S. Securities and Exchange Commission closed its investigation into the company. The exchange also settled a $5 million lawsuit with the Commodity Futures Trading Commission, clearing significant obstacles to its public market debut.

“The question for investors regarding Gemini revolves around the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they do that Coinbase can't copy by Tuesday,” said Michael Ashley Schulman, partner and chief investment officer at Running Point Capital, quoted by Reuters.