Gemini IPO Seeks $317M Amid Friendly Regulatory Environment.

Gemini Space Station (GEMI), a cryptocurrency exchange, plans to raise up to $316.7M in its initial public offering (IPO). This move follows a more favorable regulatory environment for the crypto industry under the Trump administration. Gemini was founded by the Winklevoss twins, known for their involvement in Facebook's early days. The IPO aims to capitalize on the growing popularity of cryptocurrencies and the increasing interest in the space.

Gemini Space Station Inc., a cryptocurrency exchange founded by the Winklevoss twins, has announced plans to raise up to $316.7 million in its initial public offering (IPO). The New York City-based company, which operates under the ticker symbol GEMI, is targeting a valuation of approximately $2.2 billion based on the top end of its expected price range [1].

The IPO, led by Goldman Sachs Group Inc. and Citigroup Inc., will see Gemini offer 16.7 million shares at a price of $17 to $19 each. This move comes amidst a wave of crypto-related IPOs, driven by a more favorable regulatory environment under the Trump administration [2]. Gemini joins a growing list of crypto businesses seeking public listings, including stablecoin issuer Circle Internet Group Inc. and crypto exchange Bullish [1].

Gemini, established in 2014, has grown to manage over $18 billion in assets on its platform. The company offers a range of services, including a crypto exchange, a US dollar-backed stablecoin, crypto staking, crypto custody, and a credit card with crypto rewards. Despite its growth, Gemini has faced regulatory challenges, including a lawsuit from the Commodity Futures Trading Commission, which it settled in January [1].

For the first six months of 2025, Gemini reported a net loss of $282.5 million on $68.6 million in total revenue. This represents a significant increase in losses compared to the same period last year, when Gemini reported a net loss of $41.4 million on $74.3 million in total revenue [2]. Despite these financial challenges, Gemini's transaction revenue from volume-based trades accounted for 65.5% of its revenue in the first half of 2025 [2].

The IPO will provide Gemini with additional capital to support product development, general administrative matters, capital expenditures, and repayment of third-party debt. The company expects to list on the Nasdaq Global Select Market under the symbol GEMI [2].

References:
[1] https://www.bloomberg.com/news/articles/2025-09-02/winklevosses-crypto-firm-gemini-seeks-317-million-in-ipo
[2] https://seekingalpha.com/news/4491037-crypto-exchange-gemini-seeks-317m-in-ipo