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Gemini Raises IPO Price Range, Eyes $3B Valuation in Crypto Market Surge

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Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has increased its IPO price range to $24–$26 per share, aiming for a valuation of up to $3.08 billion. The move reflects heightened investor appetite for crypto ventures amid a broader revival in U.S. equity markets.

IPO Details

  • Shares Offered: 16.67 million

  • Proceeds: Up to $433.3 million at the new range

  • Previous Range: $17–$19 per share

  • Private Placement: Nasdaq to purchase $50 million in shares, as reported by Reuters earlier Tuesday.

  • Ticker Symbol: GEMI, to list on Nasdaq

  • Lead Bookrunners: Goldman Sachs and Citigroup

Market Context

  • IPO Climate: U.S. listings have picked up pace as lower interest rates and strong equity sentiment bolster demand.

  • Crypto Firms in Focus: Figure Technologies also raised its IPO size and pricing range the same day.

  • Regulatory & Institutional Support: Tailwinds from ETF approvals and institutional adoption are narrowing the divide between traditional finance and digital assets.

Competitive Landscape

  • Gemini will become the third publicly traded crypto exchange, following:

    • Coinbase (COIN.O): First to join the S&P 500

    • Bullish: Shares more than doubled after its NYSE debut last month

Background

  • Founders: Cameron and Tyler Winklevoss, known for their 2008 legal dispute with Facebook (now Meta) and early Bitcoin investments.

  • Positioning: Gemini holds billions in assets and offers a mix of trading, custody, staking, and institutional services.

Gemini Secures Nasdaq Investment Ahead of IPO, Strengthening Crypto–Wall Street Ties

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Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has secured Nasdaq as a strategic investor in its upcoming New York listing, marking a significant step for the digital asset industry as it pushes further into mainstream finance.

IPO Details

  • Gemini is targeting up to $317 million in proceeds from its IPO.

  • Nasdaq will buy $50 million in shares in a private placement during the listing.

  • Trading is expected to begin Friday under the ticker “GEMI”, though final timing depends on market conditions.

Strategic Partnership

The partnership extends beyond capital:

  • Nasdaq clients will gain access to Gemini’s custody and staking services.

  • Gemini’s institutional clients will be able to use Nasdaq’s Calypso platform to manage and track trading collateral.

Market Context

  • The IPO comes amid a rebound in U.S. equity capital markets, with strong investor demand for new listings.

  • Recent high-profile IPOs — including Figma and Firefly Aerospace — have boosted confidence.

  • Gemini would become the third publicly traded crypto exchange, following Coinbase and Bullish.

Gemini’s Position

  • One of the largest U.S. crypto exchanges by volume, Gemini manages $21 billion in assets and has processed $285 billion in lifetime trading volume.

  • Services include an OTC trading desk, a U.S. crypto credit card, and support for Bitcoin, Ether, and stablecoins.

  • The company reported a net loss of $282.5 million on revenue of $68.6 million for the first half of 2025, compared with a smaller loss a year earlier.

Broader Significance

The Nasdaq partnership signals a deepening connection between Wall Street and crypto markets, reinforcing digital assets as a mainstream asset class.
The move also positions Gemini as a stronger competitor in an IPO wave dominated by crypto and AI-related firms.

Bullish Shares Surge on NYSE Debut, Valued at $13.2 Billion

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Cryptocurrency exchange Bullish, backed by Peter Thiel and parent of CoinDesk, saw its NYSE shares more than double in their debut, valuing the company at approximately $13.16 billion. The stock opened at $90 and traded as high as $118, far above its $37 IPO price, highlighting strong investor confidence in the crypto sector. Bullish raised $1.11 billion in the IPO, giving it an initial valuation of $5.4 billion.

The surge comes amid a series of regulatory wins for crypto in the U.S., increased corporate adoption, and growing ETF inflows. Bullish targets institutional clients, aiming for stable, recurring revenue, and is close to obtaining a New York BitLicense to operate under regulatory requirements including KYC, anti-money laundering, and capital standards.

Executives cited institutional demand and a favorable regulatory environment as key drivers, noting that other crypto exchanges such as Gemini and Grayscale have also filed to go public. Bullish CEO Tom Farley, former NYSE president, brings leadership experience that may help secure institutional mandates.