Gemini Seeks $2.22B Valuation in Planned U.S. IPO
Crypto exchange Gemini is preparing for one of the sector’s biggest public listings of the year, targeting a valuation of up to $2.22 billion through its upcoming U.S. initial public offering.
The New York-based firm, founded in 2014 by Cameron and Tyler Winklevoss, intends to sell 16.67 million shares at $17–$19 each, which would raise as much as $317 million. The deal will be led by Goldman Sachs, Citigroup, Morgan Stanley, and Cantor, according to Tuesday’s announcement.
Gemini first filed with the U.S. Securities and Exchange Commission in June, entering a market that has grown more receptive to digital-asset companies after years of regulatory delays. Other firms, including Circle, eToro, and Bullish, have also moved to tap U.S. equity markets in recent months.
The company reported $142.2 million in revenue for 2024, up from $98.1 million the year before, benefiting from the rebound in trading activity during last year’s crypto rally. Though still much smaller than Coinbase, Gemini has positioned itself as a regulated and compliance-focused platform, seeking to attract institutional investors cautious about offshore risk.
The IPO also comes after Gemini weathered challenges, including a dispute with bankrupt lender Genesis, which brought added scrutiny from regulators.
If successful, Gemini shares will trade on Nasdaq under the ticker GEMI, marking a major milestone in the Winklevoss twins’ push to bring mainstream legitimacy to their exchange.
