Gemini crypto exchange valued at $3.3 billion in IPO
Gemini, the cryptocurrency company founded by Cameron and Tyler Winklevoss, priced its initial public offering at $28 per share late Thursday, topping its expected range of $24 to $26. The pricing gives the company a valuation of $3.3 billion.
Gemini raised $425 million by selling 15.2 million shares — fewer than the 16.67 million it had initially marketed, a sign of strong demand. Earlier in the week, Gemini lifted its proposed price range from $17 to $19 per share. The results of the pricing were first reported by Bloomberg.
The company and certain selling stockholders also granted underwriters, led by Goldman Sachs, Citigroup, and Morgan Stanley, a 30-day option to purchase up to an additional 833,333 shares combined. Gemini stock will trade on the Nasdaq under the ticker “GEMI.”
To boost retail participation, Gemini has reserved up to 30% of the shares offered for individual investors through platforms such as Robinhood, SoFi, Hong Kong-based Futu Securities, Singapore’s Moomoo Financial, Webull, and others.
Founded in 2014, Gemini primarily operates as a cryptocurrency exchange and custodian. As of the end of July, the platform held more than $21 billion in assets. The IPO is being closely watched as a gauge of investor appetite for crypto listings, following successful debuts from peers like Circle Internet and Bullish.
Profitability Concerns Linger
Unlike those companies, however, Gemini is struggling to turn a profit. The firm reported a net loss of $159 million in 2024 and a loss of $283 million in the first half of 2025, according to its SEC registration. The company attributed its widening losses to market volatility and growing operational expenses.
Despite that, Gemini received a vote of confidence this week from Nasdaq, which announced a $50 million strategic investment. Nasdaq intends to integrate Gemini’s custodial services into its offerings and use the crypto company as a distribution partner for its trade management system, Calypso.
Expanding Beyond Exchange Services
Gemini has sought to diversify its revenue beyond trading fees. The company offers a crypto-backed credit card and in August launched a new product in partnership with Ripple, which quickly attracted over 30,000 sign-ups — more than double the previous month’s total.
As Gemini prepares to make its market debut, attention will focus not just on the company’s initial trading performance but also on whether it can sustain growth while steering its way toward profitability in an increasingly competitive crypto landscape.
