Crypto exchange Gemini has raised its IPO target to $433.3 million, boosting the share price range to $24–$26, up from an earlier $17–$19. The upsizing follows strong investor demand and a $50 million private placement by Nasdaq Inc., according to new filings with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
At the top of its revised range, Gemini would command a $3.1 billion valuation. The offering remains capped at 16.7 million shares, but investor enthusiasm has already pushed the deal into oversubscribed territory, according to sources cited by Bloomberg.
Next steps
The company also revealed that Nasdaq Inc. will invest directly via a private placement at the IPO price, contingent on the offering’s close. Gemini plans to reserve 10% of shares for long-time users, employees, and family and up to 30% for retail investors through platforms like Robinhood, SoFi, and Webull.
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini runs a crypto platform with spot trading, staking, custody, a crypto rewards card, and a USD-backed stablecoin. The filing shows that the firm currently oversees more than $18 billion in assets.
Financials reveal a widening gap: Gemini posted a $282.5 million net loss on $68.6 million in revenue for the first half of 2025, compared to a $41.4 million loss on $74.3 million in revenue for the same period in 2024.
The IPO will be led by Goldman Sachs and Citigroup, and Gemini is set to list under the ticker GEMI on the Nasdaq Global Select Market.
Gemini’s IPO is more than a capital raise, it’s a stress test for crypto’s public equity narrative. With centralized exchanges under pressure and investor scrutiny sharpening post-FTX, the strong demand for GEMI shares could reset the tone for crypto’s next wave of Wall Street debuts. But with a widened loss profile and a frothy valuation, Gemini may have just raised the bar, and the risk.
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