Gemini Aims for $317 Million in Nasdaq IPO, Valuing Exchange at $2.2 Billion

By Staff Writer

03rd Sep 2025

Crypto

Crypto

Key Takeaways

• Gemini files for a US IPO, targeting up to $317 million at a valuation of $2.22 billion.

• The exchange plans to list on Nasdaq under the ticker “GEMI”, with Goldman Sachs, Citi and Morgan Stanley leading the offering.

• The move marks a major step for the Winklevoss twins’ exchange, as crypto firms return to US public markets.

IPO Details

Crypto exchange Gemini has officially filed plans for an initial public offering (IPO) in the US, aiming to raise as much as $317 million. The IPO would value the company at around $2.22 billion and represents a big step forward for the platform founded by Cameron and Tyler Winklevoss.

According to its SEC filing, Gemini intends to list Class A common stock on the Nasdaq Global Select Market under the ticker symbol “GEMI.” The exchange will offer 16.67 million shares priced between $17 and $19 each, with underwriters granted a 30-day option to purchase an additional 2.5 million shares.

The IPO will be led by a heavyweight group of banks including Goldman Sachs, Citigroup, Morgan Stanley and Cantor, joined by several other underwriters.

In its filing, Gemini reported $142.2 million in revenue for 2024, up from $98.1 million in 2023. While the company remains smaller than Coinbase, the growth highlights a boost in trading activity during last year’s surge in bitcoin and other crypto assets.

A Pivotal Moment for Gemini

Founded in 2014, Gemini has marketed itself as a regulated exchange for US investors, but has faced hurdles along the way. These included its dispute with bankrupt lender Genesis, which led to regulatory scrutiny. Still, the exchange has continued to push forward with expansion plans.

The IPO comes at a time when crypto companies are cautiously returning to US public markets, following the listings of Circle, eToro and Bullish. Gemini’s mid-sized scale could attract investors looking for exposure to the digital asset sector’s next wave of adoption.

Gemini’s Nasdaq IPO plans arrive after resolving key regulatory issues. Earlier this year, the SEC closed its investigation into the company, and the exchange also settled a $5 million lawsuit with the Commodity Futures Trading Commission (CFTC).

These steps have removed major obstacles that previously stood in the way of its public market ambitions.

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