American exchange Gemini is set to start trading under the ticker GEMI this Friday after pricing an initial public offering that included an upsized range and strong demand.
The firm will offer 16.67 million shares at an expected price of $24–$26, a move that could raise roughly $433 million. Reuters reported the deal was bid as much as 20 times oversubscribed. At the top of the range Gemini would eclipse an initial valuation near $3 billion.
Gemini’s filing shows trading fees remain its primary revenue source — about 70% in 2024 and roughly 65.5% through the first half of this year — even as the company posted a net loss of $158.5 million last year and $282.5 million through mid‑2025. The filing also asks underwriters to reserve roughly 10% of the share pool (about 1.67 million shares) for a ‘directed share program’ sold to select parties.
Why this matters: Gemini joins a recent wave of high‑profile crypto IPOs — including Circle, Bullish and Figure — where upsized ranges and strong first‑day moves signaled investor appetite for regulated crypto exposure. A successful listing could give Gemini capital to expand internationally, broaden its product suite and grow derivatives offerings.
Investor note: an oversubscribed IPO and early trading gains are not guarantees of long‑term performance. Gemini’s revenue is heavily tied to trading volumes and the company has reported sustained losses; prospective investors should weigh these risks and the potential volatility around new listings.
Source: Decrypt. Read the original coverage for full details.
