Winklevoss-Backed Gemini Targets $2.22B Valuation in U.S. IPO
Crypto exchange Gemini is preparing to go public in the U.S., aiming for a valuation of up to $2.22 billion through an initial public offering that could raise as much as $317 million.
The New York-based platform, founded in 2014 by Cameron and Tyler Winklevoss, plans to sell 16.67 million shares priced between $17 and $19, according to Tuesday’s announcement. At the high end, the sale would secure Gemini one of the most notable raises for a digital-asset firm this year. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are leading the underwriting.
Gemini first submitted its IPO filing to the SEC in June, joining a wave of crypto-related companies seeking U.S. listings amid a more receptive market environment. Peers such as Circle, eToro, and Bullish have also tapped equity markets recently.
Financial disclosures show Gemini generated $142.2 million in revenue in 2024, up from $98.1 million in 2023, underscoring how the company has benefited from resurgent trading activity as bitcoin and other cryptocurrencies advanced. While revenues remain well below Coinbase’s, Gemini has pitched itself as a regulated, U.S.-compliant alternative for institutions wary of offshore exchanges.
The IPO represents a milestone for the Winklevoss twins, though Gemini has not been without challenges. The company faced regulatory scrutiny over its ties to bankrupt lender Genesis, a dispute that weighed on its reputation. Still, analysts say Gemini could carve out room as a mid-tier exchange positioned to capture growth if U.S. crypto adoption accelerates.
Shares are expected to list on Nasdaq under the ticker GEMI.
