Gemini's $2.2B Gamble: Can Crypto's Old Guard Win in Public Markets?

Gemini, the New York-based cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has launched its initial public offering (IPO), seeking a valuation of up to $2.22 billion. The offering involves the sale of 16.67 million shares of its Class A common stock, with an expected price range of $17 to $19 per share. At the top of this range, the offering could generate up to $317 million in proceeds, with an additional over-allotment option allowing underwriters to purchase up to 2.5 million more shares. The shares will trade on the Nasdaq Global Select Market under the ticker symbol “GEMI” once the listing is finalized [1].

The IPO is being structured under the corporate name Gemini Space Station, Inc. and is supported by a lineup of Wall Street’s most prominent investment banks. Goldman Sachs and Citigroup are serving as lead bookrunners, alongside Morgan Stanley and Cantor. Other participants include Evercore ISI, Mizuho, Truist Securities, and a number of co-managers such as Academy Securities and Roberts & Ryan. Investors may access the preliminary prospectus through either Goldman Sachs or Citigroup [2].

The offering underscores a broader trend of crypto-related firms seeking entry into public markets. Following the June 2025 IPO of Circle Internet Group, which raised $583 million, Gemini’s move reflects renewed investor interest in crypto financial infrastructure. Gemini itself reported total revenue of $142.2 million in 2024, with transaction revenue accounting for approximately 70% of sales. However, the firm also recorded a net loss of $158.5 million during the same period, highlighting the ongoing challenges in the crypto sector [3].

According to its prospectus, Gemini plans to allocate the IPO proceeds toward general corporate purposes, including product development, administrative expenses, capital expenditures, and debt repayment. The firm, which was established in 2014, offers a range of crypto services to both retail and institutional investors, including over-the-counter trading desks, U.S. credit cards, and support for major crypto assets such as Bitcoin and Ether [1].

The IPO is subject to market conditions, and there is no guarantee regarding its timing, size, or final terms. Nevertheless, the move represents a significant milestone for one of the earliest regulated U.S. crypto exchanges. The firm’s transition to public ownership could influence broader investor sentiment in the digital asset space, particularly as market participants continue to assess the long-term viability of crypto-related financial infrastructure [2].

Source:

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

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

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