Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, has raised the expected price range for its planned initial public offering to $24–$26 per share, the company disclosed in an updated S-1 filing. Under the new range Gemini plans to sell 16.67 million shares; at the top end the offering would raise more than $430 million and value the company at about $3.1 billion.
The previous range had been $17–$19 per share, which implied a valuation near $2.2 billion. Goldman Sachs, Citigroup, Morgan Stanley and Cantor are listed as lead underwriters. Nasdaq has agreed to buy $50 million of shares in a private placement at the IPO price, and the stock will list on the Nasdaq Global Select Market under the ticker GEMI.
Why this matters: the higher range signals stronger pricing expectations and could reflect greater investor interest in crypto-native companies returning to public markets. The Nasdaq purchase is a notable vote of confidence that may improve market reception at listing. Gemini’s move follows other recent crypto-related listings and reflects a broader industry push to tap public capital as regulatory uncertainty eases for some firms.
What to watch: final pricing and first-day trading will show how the market values Gemini’s exchange model, assets under custody, and revenue mix. Also watch for any investor commentary on regulatory exposures and revenue sustainability as an exchange business.
Risk note: IPOs can be volatile and crypto firms face specific regulatory and market risks. This update is informational and not investment advice—investors should evaluate governance, financials and regulatory outlook before acting.
Source: SEC S-1 filing. Read the original coverage for full details.