Gemini shares indicated to open at $37 each, IPO price $28

Gemini shares indicated to open at $37 each, IPO price $28

Gemini, the New York-based cryptocurrency exchange founded by the Winklevoss twins, has set its initial public offering (IPO) price at $28 per share, according to its updated S1 filing. The company expects to raise around $430 million through the sale of 16.67 million shares, valuing the firm at approximately $3.1 billion at the high end of the new price range of $24 to $26 per share .

The revised price range is a significant increase from the previous guidance of $17 to $19 per share. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are the lead underwriters on the IPO, which is set to list on the Nasdaq Global Select Market under the ticker symbol GEMI .

Gemini's financial performance has been marked by substantial net losses in recent quarters, with 2024 revenue of $142.2 million and a net loss of $158.5 million. In the first half of 2025, revenue was $68.6 million, with a net loss of $282.5 million . The exchange has primarily relied on trading fees, which accounted for nearly 70% of its revenue in 2024 and roughly 65.5% through H1 2025 .

The IPO comes amidst a wave of crypto companies seeking public listings, following successful IPOs of rivals such as Bullish (BLSH) and Circle (CRCL). The stock will list on the Nasdaq Global Select Market under the ticker symbol GEMI, and the exchange has entered into an agreement with Nasdaq to buy $50 million of shares in a private placement at a per share price equal to the IPO price .

Investors are advised to closely monitor user growth metrics, product expansion plans, and the use of IPO proceeds for international and derivative offerings. The success of the IPO will depend on Gemini's ability to attract and retain users, as well as its strategic use of capital to drive growth .