Gemini, the cryptocurrency exchange established by Cameron and Tyler Winklevoss in 2014, is now focusing on an IPO in the United States and is arguably the most anticipated. With a target of $317 million, the company intends to offer 16.67 million shares at the price of $17 to $19 per share. Raising funds through this method is a huge leap for Fusible, a startup that has worked hard to maintain a foothold in the cryptocurrency market.
If the IPO were to be valued at the top end of the range, Gemini would secure a valuation of $2.22 billion. Although this is a steep fall from the $7.1 billion valuation in the private market back in 2021, the public listing gives the company the chance to gain more capital as well as commit to greater transparency to the investors.
Gemini aims to raise $317M by offering 16.67M shares at $17–$19 each
What Is Gemini’s Target Valuation?
With a valuation of $2.22 billion, Gemini stands out as a moderately sized tech IPO, garnering interest from both retail and institutional investors. Trading platforms like Coinbase have witnessed unstable valuations after they publicly listed their shares. Investors have been keeping an eye on Gemini, especially given the recent disturbances in the cryptocurrency sector.
The same is noted by the rest of the market, as Gemini’s lower valuation in comparison to previous private funding rounds marks the trend. Prices of crypto have been unstable while investor caution has marked multiple notable events. In spite of that, due to its proven track record and regulatory compliance, Gemini continues to be a good investment opportunity.
Listing on Nasdaq Under “GEMI”
Gemini is aiming to debut on the Nasdaq Global Select Market under the ticker “GEMI.” Citigroup, Goldman Sachs, Morgan Stanley, and Cantor Fitzgerald are the selected lead investment banks, which is a prerequisite for this type of offering. The presence of such banks implies confidence in the growth of Gemini and the interest of the market in investing in cryptocurrency-related products.
A Nasdaq listing benefits Gemini with an ample investor spread but also enhances the notion of credibility, especially for institutional investors who operate on preferred exchanges that are regulated and provide financial data publicly. Gemini’s public listing can motivate other crypto exchanges to look into public listing or other forms of financing.
Gemini plans to list on Nasdaq under the ticker “GEMI.”
Financial Performance and Losses
Gemini’s net loss for 2024 rose to $158.5 million despite the company reporting $142.2 million in revenue. In the first half of 2025, the losses continued, with the net loss amounting to $282.5 million. In a highly competitive and volatile market, such numbers are not uncommon.
The increase in revenues signals growing adoption of Gemini’s platform. The company has been keen on broadening the offered services for both retail and institutional investors, including trading, custody, and staking. Even with the challenging market conditions, revenue growth coupled with brand recognition gives Gemini a long-term runway.
Industry Context and Market Conditions
Public offerings by Gemini coincide with the periods of heightened cryptocurrency investments. The previous IPOs of Bullish and Circle have set a precedent by performing well, which suggests that Gemini’s IPO would fare well too. Additionally, technology and fintech companies have been grabbing the attention of the US IPO market.
Having said that, the broader macroeconomic conditions are equally in the investor’s mind. The adoption by institutions, investments in digital assets, and the increased regulatory clarity make the environment more favourable. Gemini’s emphasis on security, compliance, and transparency sets it apart from other players, making it more attractive to risk-averse investors.
Winklevoss Twins’ Vision for Gemini
Since the inception of Gemini in 2014, the Winklevoss twins have prioritised security, compliance, and trust. Herschel and Tyler set out to offer a trustworthy and regulated cryptocurrency trading platform. They have consistently underscored the need for institutional adoption and have actively worked towards making Gemini the preferred platform for institutional investors.
Gemini has made substantial investments in technology infrastructure, regulatory compliance, and risk management. By merging strong security features with an easy-to-use interface, the platform seeks to attract a broad audience, including retail traders, financial institutions, and corporate clients. The IPO is part of the twins’ strategy to expand globally while maintaining high standards for safety and compliance.
Also Read: Gemini Trust IPO 2025 Filing Reveals Growing Customer Base but Rising Losses
Frequently Asked Questions
- Which shares is Gemini issuing in their IPO?
Gemini plans to issue 16.67 million shares at a price between $17 and $19, which could result in proceeds as large as $317 million.
- Which firms are underwriting Gemini’s IPO?
The IPO is being led by Cantor Fitzgerald, Citigroup, Goldman Sachs, and Morgan Stanley.
- What valuation is Gemini aiming for?
Should Gemini’s IPO be set at the top end, the company stands to be valued at $2.22 billion.
- What is the founding year of Gemini?
Gemini came to be in 2014 through the efforts of Cameron and Tyler Winklevoss.
- On which market will Gemini’s shares be traded?
The company will be listed on the Nasdaq Global Select Market and its shares will be traded under the ticker “GEMI”.
- What is Gemini’s business model?
Gemini is a cryptocurrency exchange that provides trading, custody, and staking services for digital assets.
