Gemini, the U.S.-based cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has priced its initial public offering at $28 per share ahead of trading on the Nasdaq Global Select Market under the ticker GEMI. The price topped the company’s earlier $17 to $19 range after what underwriters described as strong investor demand.
Underwriters were granted a 30-day option to buy up to 758,929 additional shares to cover over‑allotments; Gemini itself will not receive proceeds from those secondary sales. The offering is expected to close on September 15, subject to customary conditions.
Gemini reported $142.2 million in revenue last year, with trading fees making up nearly 70% of that total. Despite user growth, losses have widened — a net loss of $158.5 million in 2024 and $282.5 million in the first half of 2025. In its IPO filing the company highlighted a commitment to innovation and a history of industry firsts as reasons it can expand its customer base.
The listing also brings renewed attention to the Winklevoss twins’ public profile and regulatory baggage. Gemini settled a 2022 CFTC case in January for $5 million without admitting wrongdoing. This week, screenshots of private Signal messages with CFTC nominee Brian Quintenz surfaced, and the White House later paused a planned Senate vote on his nomination.
Why this matters: the priced IPO signals appetite for crypto exchange listings, but Gemini’s mounting losses and ongoing regulatory scrutiny are material risks that could influence post‑IPO performance. Investors should weigh growth prospects against legal and political uncertainties when considering exposure.
Source: Decrypt. Read the original coverage for full details.