Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is seeking to raise up to $317 million in a U.S. initial public offering that would value the company at as much as $2.22 billion.
The New York-based firm plans to sell 16.67 million shares priced between $17 and $19 each, according to a filing. The stock will trade on the Nasdaq under the ticker GEMI, with Goldman Sachs and Citigroup leading the underwriting syndicate.
Third U.S.-Listed Crypto Exchange
If the deal proceeds, Gemini will become the third U.S.-listed cryptocurrency exchange, following Coinbase, which went public in 2021, and Bullish, which listed earlier this year. The offering comes amid renewed investor appetite for crypto-related stocks after a rebound in digital asset prices.
Financial Performance Under Pressure
Despite its move toward the public markets, Gemini reported weaker financial results in the first half of 2025. Revenue fell to $68.6 million from $74.3 million a year earlier, while net loss widened sharply to $282.5 million from $41.4 million. The exchange cited rising costs and asset write-downs as key factors.
Strategic Positioning
Gemini has highlighted its reputation as a compliance-focused exchange. It oversees about $18 billion in crypto assets under custody and has secured licenses in several markets, including a MiCA license to operate across the European Union. The firm also signed a $75 million credit agreement with Ripple earlier this year.
Market Backdrop
The IPO comes during a resurgence in U.S. listings, with digital asset firms such as Circle and Bullish drawing investor demand. Analysts say Gemini’s offering will test appetite for a business model still struggling with profitability, even as trading volumes recover.
Next Steps
Gemini filed its IPO paperwork in August and has not yet disclosed a launch date. A successful debut would mark the Winklevoss twins’ return to Wall Street more than a decade after they first gained prominence in the early days of cryptocurrency adoption.