Crypto exchange Gemini filed to go public in the U.S., seeking a valuation of up to $2.22 billion and planning to sell 16.67 million shares at a price range of $17–$19 apiece. At the top of that range the offering could raise about $317 million, the company said.
The New York–based exchange, founded by Cameron and Tyler Winklevoss in 2014, has positioned itself as a regulated, U.S.-focused alternative to offshore venues. Gemini plans to list under the ticker GEMI and recently named Goldman Sachs, Citigroup, Morgan Stanley and Cantor as lead bookrunners on the deal.
Gemini first filed its S-1 in June and is entering an IPO market that has gradually warmed to crypto-linked companies after years of regulatory resistance. The offering will put Gemini alongside other recent public crypto entrants such as Circle, eToro and Bullish.
Financial disclosures show the firm generated $142.2 million in revenue in 2024, up from $98.1 million in 2023 — solid growth but still a fraction of larger rivals like Coinbase. The figures suggest Gemini benefited from increased trading activity during the recent rally in bitcoin and other digital assets.
Investors should weigh potential upside against regulatory and legal risks. Gemini has faced scrutiny in high-profile disputes — including its long-running matter with bankrupt lender Genesis — and broader policy uncertainty could affect valuations and trading volumes. Public-market performance will also be sensitive to overall crypto market volatility and shifts in institutional demand.
Why it matters: a mid-sized, U.S.-regulated exchange like Gemini could capture more institutional flows if adoption continues, and the IPO will provide a fresh valuation benchmark for other crypto firms seeking public listings. Key near-term items to watch are demand at the offering price, final share count and any regulatory developments tied to ongoing investigations.
Source: PR Newswire. Read the original coverage for full details.