Gemini has upped the ante in its bid to launch an IPO
Crypto exchange Gemini has raised expectations for its public debut, setting its sights on a valuation above $3 billion. The firm, founded by Cameron and Tyler Winklevoss, disclosed in an updated filing with the Securities and Exchange Commission that it now intends to price its stock between $24 and $26 per share, up from its earlier range of $17 to $19.
The company plans to sell around 16.67 million shares, unchanged from its original filing, but the higher price range increases its fundraising target to about $433 million, compared to the $317 million it aimed for at the start of September. The move signals strong demand from investors eager to gain exposure to crypto-linked companies.
Gemini’s listing will take place on Nasdaq, which has also agreed to participate directly. The exchange confirmed Nasdaq will acquire 2.11 million shares through a $50 million private placement, providing an additional vote of confidence ahead of the debut.
Financial figures in the prospectus show a mixed picture. Revenue for the first half of 2025 stood at $68.61 million, down roughly $5.7 million from the same period in 2024.
At the same time, net losses widened sharply to $282.47 million, compared to $41.37 million a year earlier. Trading activity, however, rose significantly, with volumes climbing to $24.8 billion for the six months ending June 30, nearly a 50% increase year over year.
Investor enthusiasm reflects a broader trend across the sector. Circle, the stablecoin issuer, delivered gains of 167% on its New York Stock Exchange debut earlier this year, while crypto firm Bullish saw a 218% surge on its first day of trading. Coinbase also reached a milestone in May by becoming the first crypto exchange to enter the S&P 500 index. Meanwhile, Kraken is exploring a fundraising round that could value it at $15 billion.
Gemini’s IPO is expected to be another test of how traditional markets value crypto companies at a time when regulatory clarity and political backing are giving the industry fresh momentum.
