Gemini Crypto IPO Valued Near $3B With Nasdaq Stake

Gemini Boosts IPO Price Range Ahead Of Nasdaq Debut

Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has increased the price range for its upcoming initial public offering to $24–$26 per share, up from the initial range of $17–$19, according to a Reuters report. The company is set to debut on the Nasdaq under ticker GEMI this Friday, reflecting strong investor appetite for the listing.

At the new pricing, Gemini could raise as much as $433 million, valuing the firm at approximately $3.08 billion. The IPO will involve the sale of 16.67 million Class A common shares, with underwriters holding a 30-day option to buy an additional 2.5 million shares.

Dual-Class Structure Keeps Control With Winklevoss

Despite the IPO, the Winklevoss brothers and affiliated entities will retain 94.5% of voting power through a dual-class share arrangement. The offering will also include allocations for retail investors through platforms such as Robinhood and Webull, opening access to a wider investor base.

Nasdaq Steps In As Investor And Partner

A significant aspect of this IPO is Nasdaq’s $50 million direct investment at the offering price. The move not only validates Gemini’s business model but also establishes a strategic partnership. Under this collaboration, Gemini’s custody and staking services will be integrated for Nasdaq’s client base, marking a rare alignment between a major U.S. exchange operator and a crypto-native platform.

Underwriters And Market Context

The IPO is being led by Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald. If successful, Gemini will become the third U.S.-based crypto exchange to go public, following the footsteps of Coinbase and Bullish.

The debut comes amid a broader recovery in crypto markets, with Bitcoin trading near $115,000 and following the GENIUS Act passed in July 2025, which established clearer regulations for stablecoins and institutional crypto adoption.

Financials Show Heavy Losses Despite Scale

While Gemini commands significant operational scale with over $18 billion in assets under management, around 523,000 monthly active users, and 10,000 institutional clients across more than 60 countries, financials remain challenging.

For the first half of 2025, Gemini posted a net loss of $282.5 million on revenues of $68.6 million, a steeper decline compared to a $41.4 million loss on $74.3 million revenue in the same period of 2024. The firm expects a full-year net loss of around $400 million.

Since its founding eight years ago, Gemini has processed more than $800 billion in cumulative transfers, demonstrating robust scale despite profitability struggles.

Regulatory And Market Challenges

The exchange has previously faced regulatory headwinds. In 2023, Gemini settled charges from the U.S. SEC concerning its Gemini Earn lending product. Although the charges were eventually dropped, the case underscored the scrutiny facing crypto platforms.

Competition also looms large, with rivals such as Coinbase and international players vying for global crypto market share. Despite this, investor confidence remains evident in the strong demand for Gemini’s IPO.

Recent Crypto IPO Landscape

Gemini’s listing comes after other major crypto companies tested the public markets. Circle surged 168% on debut earlier this year, while Bullish jumped 84% after its IPO, although both companies have since seen shares fall from their highs.

The market reception suggests that while enthusiasm for crypto-related IPOs is strong, volatility and uncertainty remain, underscoring the risks Gemini will face once it begins trading.

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