Gemini’s Bold IPO Price Hike Signals Crypto’s Institutional Breakthrough

Gemini, the American cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, is raising its initial public offering (IPO) price range from $17–$19 to $24–$26 per share, a move that could push the company’s valuation to over $3 billion upon its market debut. The firm filed the updated terms with the U.S. Securities and Exchange Commission (SEC) on September 9, stating it will offer 16,666,667 common shares of GEMI under the revised pricing structure. The shares are expected to begin trading on the Nasdaq as soon as practicable after the filing becomes effective, with the ticker symbol GEMI.

This increase in the price range is part of a broader trend in the financial markets, particularly in the digital asset sector, where demand has driven companies to raise fundraising targets ahead of public debuts. Earlier this year, stablecoin issuer Circle also increased its IPO price range in response to strong investor interest. Gemini has followed a similar path, adjusting its expectations upward as it seeks to capitalize on the momentum in the sector. The exchange has also secured commitments from Nasdaq Inc. to purchase $50 million worth of IPO shares, excluding underwriting discounts and commissions.

The IPO is being underwritten by a consortium of major financial institutions, including Goldman Sachs, Cantor, and Morgan Stanley. Gemini has also allocated 10% of its total IPO shares—approximately 1.67 million shares—to a directed share program targeting specific individuals and entities. This strategy reflects the company’s effort to build a broad base of ownership and support as it transitions into a publicly traded entity.

Financial performance data from Gemini reveals a mixed picture, with the company reporting a net loss of $283 million in the first half of 2025, despite generating $68.6 million in revenue during the same period. The loss underscores the challenges faced by digital asset firms in a rapidly evolving and often volatile market. However, the firm’s leadership remains confident in its long-term prospects, emphasizing the transformative potential of on-chain financial systems and digital assets in reshaping global transaction and value storage mechanisms.

The market is closely watching the IPO of Gemini as a key indicator of investor sentiment toward digital asset companies. The success of Circle’s IPO earlier this year has raised expectations for strong performance, though the broader economic and regulatory environment remains a critical factor. Gemini’s valuation ambitions and the structure of its offering highlight the growing institutional interest in the crypto sector and the potential for traditional financial infrastructure to integrate with digital markets.