Gemini's IPO Tests Crypto's Comeback Confidence

Gemini Space Station, Inc., the New York-based cryptocurrency platform co-founded by Cameron and Tyler Winklevoss in 2014, has launched its initial public offering (IPO) targeting a $2.2 billion valuation. The company plans to offer 16.67 million shares of Class A common stock at an expected price range of $17 to $19 per share, which could raise up to $317 million if priced at the top end. Additionally, Gemini and its selling stockholders have granted underwriters a 30-day option to purchase up to 2.5 million additional shares to cover over-allotments [1].

The IPO is structured under the corporate name Gemini Space Station, Inc., with shares set to be listed on the Nasdaq Global Select Market under the ticker symbol “GEMI.” This represents a pivotal moment for Gemini, which has become one of the earliest regulated U.S. crypto exchanges. The offering highlights a broader trend of growing confidence in the crypto market, with increased investor appetite for public listings of digital asset platforms following a period of market uncertainty [2].

A consortium of Wall Street's top investment banks is supporting the offering. Goldman Sachs & Co. LLC and Citigroup are acting as lead bookrunners, alongside Morgan Stanley and Cantor. Other key participants include Evercore ISI, Mizuho, Truist Securities, and several other firms acting as bookrunners and co-managers. Investors can access the preliminary prospectus through either Goldman Sachs or Citigroup [3].

According to the prospectus, Gemini plans to use the proceeds from the IPO for general corporate purposes, including product development, administrative expenses, capital expenditures, and debt repayment. The company reported a net loss of $158.5 million in 2024, with total revenue of $142.2 million, where transaction revenue accounted for approximately 70% of sales [3]. Despite the losses, the Winklevoss brothers remain the largest shareholders, and the firm continues to expand its offerings, targeting both retail and institutional clients with services including over-the-counter trading and a U.S. credit card.

The Gemini IPO aligns with a broader industry trend of digital asset firms seeking public market listings. Circle Internet Financial’s recent $1.2 billion IPO, which raised $583 million in net proceeds, served as a bellwether for investor confidence in crypto-linked financial infrastructure. Circle’s shares rose 11% in pre-market trading following its public debut, reflecting the market's positive reception to such offerings [2]. Gemini’s move into the public sphere will likely serve as another important indicator of investor sentiment toward crypto platforms.

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

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