Gemini Seeks $317M to Stake Claim in Resurgent Crypto Market

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed with the U.S. Securities and Exchange Commission for an initial public offering (IPO) seeking to raise up to $317 million. The exchange, now operating under the corporate name Gemini Space Station, Inc., plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “GEMI.” The IPO will involve the sale of 16.67 million shares, priced between $17 and $19 per share [1]. If priced at the top end of the range, the offering would raise $317 million, with an estimated fully diluted valuation of $2.22 billion to $2.3 billion [2].

Gemini has been designated as an “emerging growth company” under U.S. federal securities laws, which allows it to leverage certain reporting exemptions. As a result, the company has filed only two years of audited financial statements and has omitted some disclosures, including detailed executive compensation discussions. This filing approach reflects a strategic move to reduce initial regulatory burdens while entering the public market [1].

The IPO is supported by a strong lineup of lead bookrunners, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald. Additional bookrunners include Evercore ISI, Mizuho, Truist Securities, and others. Academy Securities, AmeriVet Securities, and Roberts & Ryan are serving as co-managers. Underwriters have also been granted an option to purchase up to 2.5 million additional shares in the event of oversubscription [2].

Gemini’s decision to pursue an IPO coincides with a broader resurgence in the U.S. initial public offering market following a prolonged slowdown. The move is part of a trend among digital asset platforms seeking to capitalize on renewed investor interest in crypto-related financial infrastructure. Earlier this year, Circle Internet Financial, the issuer of the stablecoin USDC, completed a successful IPO, raising $583 million and serving as a bellwether for the sector [2]. The Winklevoss-backed firm is the latest in a wave of crypto businesses aiming to attract public market capital amid a stabilizing economic outlook.

The market conditions for the IPO are being closely monitored. The offering is subject to approval and final terms will depend on prevailing market conditions. Analysts suggest that the post-Labor Day period is a critical window for high-profile IPOs, with optimism driven in part by strong performances of growth-oriented tech and crypto firms [4]. As of June 30, 2025, Gemini reported $136 million in annual revenue, 523,000 monthly transacting users, and $18 billion in crypto under custody [3]. The IPO’s success will depend not only on investor appetite but also on the company’s ability to maintain its position in a competitive and evolving digital asset landscape.

Source:

[1] Crypto Exchange Gemini Files S-1 For $317M IPO (https://cointelegraph.com/news/gemini-crypto-exchange-s1-ipo-nasdaq-2025)

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

[3] Winklevoss-backed cryptocurrency exchange Gemini sets ... (https://www.renaissancecapital.com/IPO-Center/News/113160/Winklevoss-backed-cryptocurrency-exchange-Gemini-sets-terms-for-$300-millio)

[4] US IPO market reopens for fall as Trump tariff jitters ebb (https://finance.yahoo.com/news/us-ipo-market-reopens-fall-141138517.html)