Gemini's $2.22B IPO Tests Crypto's Comeback Moment

Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has launched its initial public offering (IPO) with a 16.7 million share offering priced between $17 and $19 per unit. According to a filing with the U.S. Securities and Exchange Commission (SEC), the company has also granted underwriters a 30-day option to purchase up to an additional 2.4 million shares and 103,652 units from the selling shareholders at the IPO price [1]. Lead underwriters for the offering include Goldman Sachs and Citigroup, with Morgan Stanley and Cantor also participating [2].

If priced at the midpoint of the range, the offering is expected to generate net proceeds of approximately $272.3 million for the company, or up to $313 million if the over-allotment option is exercised [1]. The company plans to use the funds for general corporate purposes, including product development, administrative expenses, capital expenditures, and debt repayment [1]. Gemini aims to list its shares on the Nasdaq Global Select Market under the ticker symbol “GEMI” [2].

The IPO reflects a broader trend of growing investor interest in publicly traded digital asset platforms. The company is seeking a valuation of up to $2.22 billion, a figure that underscores the renewed market appetite for crypto-related offerings after a period of limited activity [2]. Gemini was founded in 2014 by the Winklevoss twins and serves both retail and institutional investors. The platform offers a range of crypto assets including bitcoin and ether, along with an over-the-counter trading desk and a U.S. credit card [1].

Gemini reported total revenue of $142.2 million in 2024, with transaction revenue accounting for 70% of sales. However, the company recorded a net loss of $158.5 million in the same period, reflecting the challenges of operating in a volatile market [1]. The Winklevoss twins remain the largest shareholders, with significant control over the company’s equity structure [1].

The IPO follows other high-profile entries into public markets by digital asset firms, such as Circle Internet Group, which completed a $1.2 billion offering in June. These developments suggest a growing recognition of crypto infrastructure as a viable asset class for institutional and retail investors alike [2]. Gemini’s offering is expected to be closely watched as a potential indicator of broader investor sentiment toward the sector.

Source:

[1] Gemini Space Station Launches IPO (https://www.morningstar.com/news/dow-jones/202509026411/gemini-space-station-launches-ipo)

[2] Gemini IPO Targets $2.22B Valuation – Will Winklevoss Pull It Off? (https://finance.yahoo.com/news/gemini-ipo-targets-2-22b-155931570.html)