Goldman, Citi Back Winklevoss Crypto Exchange's $2.2B Nasdaq Push

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has taken a significant step toward public market access by launching its initial public offering (IPO) with an estimated valuation of up to $2.22 billion. The firm filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for the IPO of 16,666,667 shares of Class A common stock, with a projected price range of $17 to $19 per share. The exchange has applied for a listing on the Nasdaq Global Select Market under the ticker symbol “GEMI” [1].

The IPO is structured to allow the underwriters a 30-day option to purchase up to an additional 2,396,348 shares, including 103,652 shares for over-allotments, which could expand the offering further [2]. Notably, Gemini has filed as an “emerging growth company,” a designation that grants it exemptions from certain public company disclosure requirements, including the ability to omit a detailed compensation discussion and to present only two years of audited financial statements [2].

Prominent financial institutions are supporting the offering as lead and co-managing bookrunners. Goldman Sachs & Co. LLC, Citigroup, Morgan Stanley, and Cantor are listed as lead bookrunners, while Evercore ISI, Mizuho, Truist Securities, and several others are acting as bookrunners. Academy Securities, AmeriVet Securities, and Roberts & Ryan are participating as co-managers [1].

Gemini’s decision to pursue an IPO aligns with broader industry trends, particularly in the wake of recent movements among crypto-related firms seeking traditional financial market exposure. The firm’s filing follows a confidential draft registration statement submitted in June 2025, a move that allowed it to begin the process without disclosing sensitive data publicly [2]. This strategy mirrors similar efforts by other crypto industry players, including Circle, the issuer of USDC, which had recently made its debut on the New York Stock Exchange.

The IPO represents a milestone for Gemini, which has expanded its offerings beyond basic trading services to include a range of products for both retail and institutional investors across more than 60 countries. As the exchange moves forward with the offering, market conditions and regulatory approvals will remain key factors in determining the final terms and timing of the listing [1].

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