3 hours ago
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TLDR
- Gemini is targeting a $2.22 billion valuation in its upcoming IPO
- The crypto exchange plans to sell 16.67 million shares at $17-$19 each, potentially raising $317 million
- Shares will trade on Nasdaq under the ticker “GEMI”
- Major banks including Goldman Sachs, Citigroup, and Morgan Stanley are leading the offering
- Gemini reported $142.2 million in revenue for 2024, up from $98.1 million in 2023
Cryptocurrency exchange Gemini is moving forward with plans for its initial public offering (IPO), targeting a valuation of up to $2.22 billion. The New York-based exchange, founded by twin brothers Cameron and Tyler Winklevoss, filed with the Securities and Exchange Commission (SEC) on Tuesday.
According to the filing, Gemini plans to sell 16.67 million shares of Class A common stock. The expected price range is between $17 and $19 per share. If priced at the top of this range, the offering could raise as much as $317 million.
The IPO will launch under the corporate name Gemini Space Station, Inc. Shares are set to trade on the Nasdaq Global Select Market under the ticker symbol “GEMI.”
Gemini and its selling stockholders will provide underwriters a 30-day option to purchase up to an additional 2.5 million shares. This option is intended to cover potential over-allotments.
The company has cautioned that the offering is subject to market conditions. There is no guarantee regarding the timing, size, or final terms of the listing.
Wall Street Support
A lineup of major financial institutions is backing the transaction. Goldman Sachs and Citigroup are acting as lead bookrunners for the deal. Morgan Stanley and Cantor are also joining as lead underwriters.
Additional bookrunners include Evercore ISI, Mizuho, Truist Securities, and several others. The offering will be conducted solely through a prospectus, which investors can obtain from Goldman Sachs or Citigroup.
This move comes as several crypto-related companies have recently entered public markets. Circle Internet Group completed its $1.2 billion IPO in June, selling 19.9 million shares at $31 each.
Financial Performance
Financial disclosures show Gemini generated $142.2 million in revenue in 2024. This represents a 45% increase from the $98.1 million reported the previous year.
While this revenue is still much smaller than industry giant Coinbase, the growth suggests Gemini has benefited from increased trading activity. Bitcoin and other digital assets have seen rallies during this period.
The Winklevoss twins launched Gemini in 2014. They have positioned it as a regulated and compliant alternative to offshore exchanges. This approach has appealed to U.S. institutions concerned about regulatory risks.
However, Gemini has faced challenges, including a dispute with bankrupt crypto lender Genesis. This situation drew attention from regulators and created hurdles for the company.
For potential investors, Gemini’s appeal partly stems from its position as a mid-sized exchange. The company could benefit if crypto adoption continues to expand in the United States.
The IPO would mark a key milestone for one of the earliest regulated U.S. crypto exchanges. It also reflects growing optimism among digital asset platforms that investor appetite for public market debuts is returning after a slowdown.
English (US) ·