Gemini Aims to Land on Wall Street Amid Crypto's Uncertain Sky

Gemini, the cryptocurrency exchange co-founded by the Winklevoss twins, is preparing for an initial public offering (IPO) on the NASDAQ with a valuation potentially reaching $2.2 billion. The exchange’s parent company, Gemini Space Station, Inc., announced the filing of its S-1 registration with the U.S. Securities and Exchange Commission and is offering over 16.6 million shares of class A common stock at a price range of $17 to $19 per share [1]. The company is also granting underwriters the option to purchase additional shares to cover over-allotments, which could raise the total offering size by up to 15%. The IPO is set to be listed under the ticker symbol "GEMI" and is supported by major financial institutions such as Goldman Sachs, Citigroup, and Morgan Stanley as bookrunners [1].

The move positions Gemini as the third major cryptocurrency exchange to go public in the United States, following the high-profile debuts of Coinbase and Bullish. Coinbase’s 2021 direct listing saw shares jump 31% on the first day of trading, while Bullish’s recent IPO generated $1.1 billion in capital and an initial valuation of $5.4 billion [1]. Gemini’s IPO, however, is expected to be more traditional, with the company raising funds through the standard IPO process rather than directly listing existing shares.

Analysts have noted that while the market for crypto-related stocks remains volatile, Gemini appears to be entering a more mature phase of the industry. If priced at the upper end of the projected range, the IPO would give Gemini a market cap significantly lower than that of its peers. For example, Bullish, which recently saw its shares fall from an initial high of $118 to around $62, currently trades at a market cap of $7.65 billion [2]. In comparison, Gemini’s estimated valuation of $2.2 billion appears relatively modest, though its 24-hour trading volume of $133 billion lags behind Bullish’s $450 billion [2].

The outcome of Gemini’s IPO will also depend on broader market sentiment and investor confidence in crypto-related assets. Both Circle and Bullish have experienced mixed performance since their public listings, with Circle’s stock currently trading at 62% above its debut price but trending downward. Bullish, on the other hand, has seen its stock fall by 44% since its August 13 debut [2]. These trends suggest that while crypto IPOs remain a high-interest area, they are still subject to the same volatility and regulatory scrutiny as the broader market.

Gemini’s IPO is scheduled to take place on September 11, 2025 [2]. The company has not confirmed a final pricing or the exact number of shares that will be offered. With the market cap projections and recent trends in the sector, the success of the offering may depend on how well Gemini differentiates itself from its already publicly traded competitors.

Source:

[1] Gemini Heads for Wall Street: IPO to Make It Third Public ... (https://cryptopotato.com/gemini-heads-for-wall-street-ipo-to-make-it-third-public-crypto-exchange/)

[2] Gemini Space Station: Next Big Crypto IPO of 2025? (https://www.publish0x.com/rocketenthusiast/gemini-space-station-next-big-crypto-ipo-of-2025-xxrwzlz)