Gemini targets $2.2B valuation with IPO to raise $317 million

Gemini plans to raise up to $317 million in its upcoming U.S. IPO, aiming for a valuation of $2.22 billion, with shares at $17–$19 each.
- Gemini plans to sell 16.67 million shares at $17–$19 each, listing on Nasdaq under the ticker GEMI, with Goldman Sachs and Citigroup as lead bookrunners.
- Gemini reported a $282.5 million net loss on $68.6 million revenue in H1 2025; IPO proceeds will support operations, debt repayment, and expansion of stablecoin and crypto services.
- Gemini’s IPO follows strong first-day performances from Circle (+120%) and Bullish (+160%), signaling growing investor appetite for publicly traded crypto firms.
Gemini to list on Nasdaq under the ticker GEMI
Gemini, the crypto exchange founded in 2014 by Winklevoss twins, is aiming for a valuation of up to $2.22 billion in its upcoming U.S. initial public offering, the company announced Tuesday. The firm plans to sell 16.67 million shares at a price range of $17 to $19 per share, potentially raising as much as $317 million if the stock prices at the top of the range.
Gemini expects to list on the Nasdaq under the ticker symbol GEMI, with Goldman Sachs and Citigroup serving as lead bookrunners for the deal.
The announcement comes as Gemini faces mounting losses. In its filing for the first half of 2025, the firm reported a net loss of $282.5 million on $68.6 million in revenue, compared with a $41.4 million loss on $74.3 million a year earlier. The IPO proceeds, intended for general operations and debt repayment, will be closely watched by investors as the company seeks to leverage its stablecoin offerings, including the Gemini Dollar (GUSD), and other crypto services to drive growth and improve profitability.
Gemini filed its S-1 registration statement with the U.S. Securities and Exchange Commission in June, joining an IPO market that has recently become more receptive to crypto-linked companies after years of regulatory hurdles. Upon completion of its offering, Gemini would become the third publicly traded digital asset exchange in the United States, following Bullish and Coinbase.
Gemini’s IPO comes amid a rise in U.S. public offerings by crypto firms, fueled by strong market conditions and impressive first-day trading performances. Circle Internet Group, issuer of USDC stablecoin, stands out as the most noteworthy recent example, with its shares surging over 120% on the first day of trading after raising $1.1 billion.
Similarly, Bullish, the institutional-focused crypto exchange backed by Peter Thiel, saw its IPO gain more than 160% on debut.
“After Circle and Bullish’s successful IPOs, alongside a strong overall market and higher crypto prices, it does feel like an opportune time for crypto-related companies to consider going public,” said Bo Pei, analyst at US Tiger Securities.