IPO funds earmarked for tech upgrades, products, and debt reduction.
Gemini, the crypto exchange built by Cameron and Tyler Winklevoss, is gearing up for a public debut. The firm is looking to raise around $317 million through its IPO, which would put its valuation close to $2.2 billion.
The plan, outlined in fresh filings, calls for about 16.7 million shares to be sold at a price somewhere between $17 and $19 each. If the listing goes ahead, Gemini will trade on the Nasdaq under the ticker GEMI.
For the Winklevoss twins, who have long pitched themselves as steady hands in the often-chaotic world of digital assets, this marks a notable milestone.
Crypto markets remain unpredictable, but the past year has seen investors slowly wade back in. Gemini is hoping to seize that moment and see how much appetite there is for a crypto stock on Wall Street.
The exchange, launched in 2014 by Cameron and Tyler Winklevoss, has long pitched itself as one of the industry’s more restrained operators.
It has leaned on a reputation for playing by the rules, aiming its services at both casual traders and the institutional crowd.
While competitors have often chased growth through riskier bets, Gemini built its brand around trust and oversight.
Its offerings now stretch beyond basic Bitcoin and Ethereum trading to include a crypto rewards credit card and staking services.
The strategy has delivered mixed results. Revenue climbed to $142 million last year on the back of stronger market activity, but the company still posted a net loss of $158 million in 2024 and losses have widened further in 2025.
To steady the business, Gemini says cash raised from the IPO will go toward new products, technology upgrades, and paying down debt.
Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald are leading the underwriting team, giving the deal heavyweight backing from Wall Street.
Analysts say Gemini’s IPO could be a key test of how much appetite remains for crypto-linked stocks after years of regulatory headaches and market swings.
An analyst with US Tiger Securities, noted that the timing looks favorable, pointing to recent debuts from Bullish and Circle as well as the rebound in crypto prices.
Supporters argue Gemini’s emphasis on regulation and its efforts to court institutional clients give it an edge in a sector where scrutiny from Washington has only intensified.
Still, concerns linger. Gemini is running steep losses and faces stiff competition in an industry where Coinbase continues to hold the lion’s share of trading activity.
The company has also had its share of regulatory headaches, among them, a dispute tied to the collapse of crypto lender Genesis and, more recently, a $5 million settlement with the Commodity Futures Trading Commission.
Those issues could weigh on how investors size up the deal.
