Gemini's $2.1B Bet: Can Crypto's Next IPO Win Wall Street?

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is preparing for an initial public offering (IPO) that could make it the third publicly traded centralized crypto exchange in the United States. The filing, submitted to the U.S. Securities and Exchange Commission (SEC), outlines plans to offer 16.67 million Class A common shares at a price range of $17 to $19 per share. At the midpoint of this range, the company’s valuation would reach approximately $2.1 billion, with proceeds expected to amount to around $272 million. Additionally, underwriters have been granted an option to purchase up to 2.5 million additional shares to cover over-allotments. The IPO will be listed on the Nasdaq Global Select Market under the ticker symbol "GEMI."

This move follows the recent public debuts of stablecoin issuer Circle and Peter Thiel-backed Bullish, making Gemini the latest entrant into a growing sector of crypto firms seeking public market validation. The Winklevoss twins, who gained prominence through their early involvement with Facebook, now operate Gemini as a global crypto platform active in over 60 countries. Tyler Winklevoss will serve as CEO, while Cameron will be president. The company competes with major exchanges like Coinbase, Kraken, and Robinhood, and has positioned itself as a key player in a market expected to expand into multi-trillion-dollar opportunities over the next few decades.

Financial disclosures from the IPO filing reveal a mixed performance. In 2024, Gemini reported $142.2 million in revenue but incurred a net loss of $158.5 million. The losses widened in the first half of 2025, with the company recording $68.6 million in revenue against a net loss of $282.5 million. These figures reflect significant investments in compliance, product development, and international expansion. The platform has processed around $285 billion in trading volume since its inception, a figure that outpaces Coinbase's most recent quarterly volume of $237 billion. The company also generates revenue through transaction fees, stablecoin issuance, and other financial products, such as its Gemini dollar (GUSD) and a crypto credit card.

Gemini’s IPO filing coincides with a period of regulatory clarity and institutional adoption in the crypto space. A recent SEC ruling in August 2025, which determined that Ripple's XRP is not a security in the secondary market, has boosted institutional interest in digital assets. The company has also secured a Markets in Crypto Assets (MiCA) license in Malta, allowing it to operate in 30 European Economic Area countries and offer tokenized shares, custody services, and derivatives to institutional clients. These developments align with broader trends of institutionalization and regulatory normalization, which are expected to expand institutional crypto trading from €12 billion in 2024 to €28 billion in 2026.

The success of the IPO will depend on market sentiment toward crypto assets and the broader economic environment. Despite a decline from its $7.1 billion private valuation in 2021, the proposed $2.22 billion valuation reflects investor confidence in the firm’s long-term potential. The IPO’s underwriting syndicate includes top financial institutions such as Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald. With increased public interest in digital-asset firms following Circle’s and Bullish’s listings, Gemini’s entry into the public market could signal a pivotal step in the integration of crypto into mainstream finance.

Source:

[1] Gemini Announces Launch of Initial Public Offering (https://www.prnewswire.com/news-releases/gemini-announces-launch-of-initial-public-offering-302543703.html)

[2] Gemini Prepares to IPO on Nasdaq: A Strategic Move in (https://pintu.co.id/en/news/202598-gemini-prepares-to-ipo-on-nasdaq-a-strategic-move-in-the-crypto-mainstream/amp)

[3] Gemini targets $2.2B valuation in Nasdaq IPO filing (https://blockworks.co/news/gemini-nasdaq-ipo-filing)