Crypto Exchange Gemini Seeks $317M in U.S. Listing at $2.22B Valuation

Gemini Seeks $2.22B Valuation in U.S. IPO, Plans to Raise $317M

Crypto exchange Gemini is moving ahead with its U.S. initial public offering, targeting a valuation of up to $2.22 billion and seeking to raise as much as $317 million, the company said Tuesday.

The New York-based firm, founded by twins Cameron and Tyler Winklevoss, plans to sell 16.67 million shares priced between $17 and $19 each. At the top of that range, Gemini would secure one of the largest raises for a crypto-linked company this year. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor will act as lead underwriters.

Gemini first filed with the SEC in June, entering a friendlier IPO market for digital-asset companies after years of delays. Other crypto firms, including Circle, eToro, and Bullish, have also pursued U.S. listings recently.

The company reported $142.2 million in revenue in 2024, up from $98.1 million the prior year, reflecting stronger trading activity during bitcoin’s rally. While still far smaller than Coinbase, Gemini has positioned itself as a regulated, U.S.-compliant alternative to offshore exchanges.

A successful listing would mark a milestone for the Winklevoss brothers, who founded Gemini in 2014. The exchange has faced regulatory hurdles, including a dispute with bankrupt lender Genesis, but continues to court institutional clients seeking safer exposure to crypto.

Gemini shares will trade on the Nasdaq under the ticker GEMI.

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