Gemini to List on Nasdaq with $2.22B Valuation, Expands in Europe

Gemini, the crypto exchange founded by the Winklevoss twins, plans to raise up to $317 million in its US IPO, targeting a valuation of $2.22 billion. The exchange will list on the Nasdaq under the ticker GEMI and has also secured a MiCA license in Malta, allowing it to offer crypto services across 30+ European countries. Gemini reported a net loss of $282.5 million for the first half of 2025 but is determined to grow its global presence and take on competitors.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced detailed plans for its Initial Public Offering (IPO) in the United States. The company aims to raise up to $317 million through the sale of 16.67 million shares of Class A common stock, priced between $17 and $19 each [1]. The IPO will list Gemini on the Nasdaq Global Select Market under the ticker symbol GEMI.

Gemini's IPO follows a series of successful crypto-related IPOs, including Circle and Bullish, which have seen strong market performance. Bo Pei, an analyst at US Tiger Securities, commented on the current market conditions, stating that "it does feel like an opportune time for crypto-related companies to consider going public" [1].

The exchange has selected top banking institutions, including Goldman Sachs & Co. LLC and Citigroup, to serve as lead bookrunners, with Morgan Stanley and Cantor as co-lead bookrunners [1]. Despite previous tensions with traditional banks like JPMorgan, Gemini is now seeking to leverage these relationships to facilitate its IPO.

Gemini reported a net loss of $282.5 million on $68.6 million in total revenue for the six months ending June 30, 2025 [1]. The company offers a range of services, including a cryptocurrency exchange, USD-backed stablecoin, crypto staking and custody services, and a credit card offering rewards in crypto.

In addition to its IPO plans, Gemini has also secured a Markets in Crypto Assets (MiCA) license from Malta, allowing it to expand its operations across 30+ European countries [2]. This regulatory approval supports Gemini's broader strategy to strengthen its global presence and compete with other major exchanges in the staking market.

Gemini's UK staking services have been expanded to all customers, removing previous minimum requirements for staking Ethereum (ETH) and Solana (SOL) [2]. This move aims to attract more retail users to the platform by offering high rewards and simple participation in proof-of-stake networks.

In summary, Gemini's US IPO and European expansion plans reflect the company's determination to grow its global presence and compete effectively in the cryptocurrency market.

References:
[1] https://cryptorank.io/news/feed/1b7d3-crypto-exchange-gemini-shares-ipo-details-aims-to-raise-317m
[2] https://blockonomi.com/winklevoss-led-gemini-exchange-enhances-uk-crypto-staking-services/