The Winklevoss twins’ crypto exchange Gemini is planning a U.S. initial public offering that could value the company at approximately $2.22 billion and raise up to $317 million.
At a Glance
- Gemini aims for a valuation around $2.22 billion, offering 16.67 million shares at $17–$19 each.
- The anticipated capital raise is up to $317 million.
- The IPO would list Gemini on Nasdaq under the ticker GEMI.
- Major banks including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are leading the IPO.
- Gemini reported revenue of $142.2 million in 2024 (up 45%), but also widened its net losses to $282.5 million in H1 2025.
IPO Mechanics
Gemini, launched in 2014 by Cameron and Tyler Winklevoss, filed for its IPO in June and has now disclosed key terms: 16.67 million shares priced between $17 and $19, aiming to raise up to $317 million and valuing the company at roughly $2.22 billion. The exchange is set to list on Nasdaq under the symbol GEMI, supported by underwriters including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald.
Watch now: Winklevoss twins’ cryptocurrency exchange ‘Gemini’ files to go public on Nasdaq
Financial Signals
Gemini grew revenue from $98.1 million in 2023 to $142.2 million in 2024. However, its financial health shows mounting losses: in the first half of 2025, revenue dropped to $68.6 million and net loss ballooned to $282.5 million.
Despite these challenges, user metrics were on the rise—with 523,000 monthly transacting users (up 5.7%), trading volume of $24.8 billion (up nearly 50%), and platform assets up over 30% to $18.2 billion.
Market Context
Gemini would become the third U.S. publicly traded crypto exchange after Coinbase and Bullish. The move follows booming IPO activity among crypto firms, with several successes from Circle, Bullish, and others encouraging industry investment. Gemini has also expanded its international reach, having obtained a MiCA license from Malta’s regulator to operate across the EU.
What’s Next
Next, shareholders must approve the IPO, and Gemini will proceed with pricing and a public listing, though no specific date has been set. Investor optimism is high, buoyed by crypto’s revival, regulatory clarity, and strong IPO appetite.
Gemini’s performance post-listing will be closely watched, especially given its rapidly-changing finances and the volatile nature of digital assets.
