Gemini Plans $2.2 Billion IPO as Crypto Exchange Market Heats Up

TLDR

Table of Contents

Gemini cryptocurrency exchange plans IPO targeting $2.22 billion valuation, seeking to raise up to $317 million
Founded by Winklevoss twins in 2014, would become third publicly traded digital asset exchange after Bullish and Coinbase
Company reported $282.5 million net loss in first half of 2025 despite having $18 billion in assets under custody
IPO comes during strong market conditions with renewed investor appetite for public offerings in crypto sector
Goldman Sachs and Citigroup serving as lead bookrunners for Nasdaq listing under ticker “GEMI”

Gemini cryptocurrency exchange filed for an initial public offering Tuesday, targeting a valuation of up to $2.22 billion. The New York-based company plans to sell 16.67 million shares priced between $17 and $19 each.

The Winklevoss twins founded Gemini in 2014 after their legal settlement with Facebook. Cameron and Tyler Winklevoss became known as the “bitcoin twins” after investing their Facebook settlement money in cryptocurrency.

Gemini, a cryptocurrency exchange led by the billionaire Winklevoss twins, seeks to raise as much as $316.7 million in its initial public offering as the latest crypto business in line for a US listing https://t.co/gpo5WAGhvb
— Bloomberg (@business) September 2, 2025

The exchange aims to raise up to $317 million at the top of its pricing range. Gemini expects to list on Nasdaq under the ticker symbol “GEMI” later this year.

This IPO would make Gemini the third publicly traded digital asset exchange in the United States. Bullish and Coinbase currently operate as the only other public crypto exchanges.

Goldman Sachs and Citigroup are serving as lead bookrunners for the deal. The timing comes as public offering activity shows strong growth in 2025.

Strong Market Conditions Drive Timing

Recent IPO debuts have performed well in their first days of trading. Digital bank Chime Financial and space technology firm Firefly Aerospace both drew strong investor demand.

Bo Pei, analyst at US Tiger Securities, said the timing appears right for crypto companies. “After Circle and Bullish’s successful IPOs, alongside a strong overall market and higher crypto prices, it does feel like an opportune time,” Pei stated.

Digital assets have gained mainstream acceptance over the past year. U.S. regulators approved spot bitcoin ETFs in 2024, while Coinbase joined the S&P 500 index in early 2025.

Financial Performance Shows Mixed Results

Gemini reported a $282.5 million net loss in the first half of 2025. The company’s revenue declined to $67.9 million during this period, down from $74.3 million in the same timeframe last year.

Despite the losses, Gemini holds $18 billion in assets under custody. The exchange serves 523,000 monthly transacting users across its platform.

The company completed a corporate restructuring, splitting into Gemini Trust in New York and Moonbase in Florida. This move helps navigate different state regulatory requirements.

Gemini secured a $75 million credit facility from Ripple, expandable to $150 million. This funding provides liquidity for operations and helps reduce third-party debt obligations.

The exchange offers custody services, compliance tools, and institutional-grade products. These include a crypto rewards credit card and stablecoin for business customers.

Regulatory changes have improved the operating environment for crypto exchanges. The GENIUS Act passage and shifts in SEC enforcement create more clarity for digital asset companies.

Gemini partnered with Glassnode to analyze market trends and provide data services. The collaboration focuses on retail investor activity in Solana and institutional futures trading patterns.

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