Cryptocurrency exchange founded by Tyler and Cameron Winklevoss, Gemini has priced its initial public offering at US$ 28 per share, ahead of its listing on the Nasdaq under the ticker “GEMI”. The final price came in well above the company’s original US$ 17 to US$ 19 range, underscoring strong investor demand for one of the most anticipated listings in the digital asset sector this year.
The listing is expected to raise US$ 425 million, with underwriters granted a 30-day option to purchase additional shares. Gemini itself will not receive proceeds from secondary sales by existing shareholders. Trading is supposed to start this Friday, subject to customary closing conditions. Investor appetite proved unusually high, with the offering reportedly more than 20 times oversubscribed.
The IPO values Gemini at about US$ 3.3 billion. Lead underwriters include Goldman Sachs and Citigroup, while Nasdaq itself has committed to a US$ 50 million private placement investment. Gemini will become only the third US crypto exchange to go public, following Coinbase in 2021 and Bullish earlier this year.
Financials remain a concern. Gemini booked a net loss of US$ 282.5 million in the first half of 2025, alongside revenue of US$ 68.6 million, extending the US$ 158.5 million loss posted in 2024. The company remains heavily reliant on trading fees, which accounted for nearly 70% of its US$ 142.2 million revenue last year. Its path forward is also complicated by ongoing regulatory scrutiny, including a recent settlement with the SEC over its lending program.
