Gemini lifts IPO fundraising target to $430M at a $3.1B valuation amid strong demand

Gemini Space Station Inc., the crypto exchange founded by Cameron and Tyler Winklevoss, has increased the size of its upcoming initial public offering to $433.3 million following strong demand.

The details were disclosed in a recent filing with the U.S. Securities and Exchange Commission, as reported by Bloomberg on Sept. 10.

Higher valuation on stronger demand

Gemini raised the price range of its shares to $24–$26, up from a prior range of $17–$19, while keeping the offering at 16.7 million shares. At the top of the new range, the company would achieve a valuation of roughly $3.1 billion. People familiar with the matter said the IPO has been heavily oversubscribed, reflecting strong market appetite despite ongoing volatility in the digital asset sector.

The oversubscription was reinforced by Nasdaq Inc., which committed to a $50 million private placement at the IPO price, contingent on the successful closing of the listing. That commitment adds credibility to the deal and strengthens Gemini’s position ahead of its planned debut on the Nasdaq Global Select Market under the ticker GEMI.

The offering is led by Goldman Sachs Group Inc. and Citigroup Inc.

Gemini IPO retail inclusion and financial hurdles

In an unusual move for a crypto exchange IPO, Gemini is allocating a large share of the offering to non-institutional buyers. Up to 30% of IPO shares will be distributed through retail platforms such as Robinhood, SoFi, and Webull, with 10% reserved for affiliates, employees, and long-time users. The plan seeks to increase ownership and draw attention to Gemini’s consumer-facing brand.

Despite the positive reception, Gemini continues to face financial difficulties. In the first half of 2025, the company reported a net loss of $282.5 million on $68.6 million in revenue, as opposed to a loss of $41.4 million on $74.3 million in the same period the previous year.

According to its SEC filing, Gemini currently manages more than $18 billion in assets, with services spanning crypto trading, custody, a USD-backed stablecoin, staking, and a crypto rewards credit card.

Gemini, which was established in 2014 and has long aimed to compete with bigger U.S. exchanges, is at a turning point with the IPO. A successful listing could serve as a model for other cryptocurrency companies considering going public, with its reception likely influencing investor confidence across the sector.