Gemini Prices IPO at $28, Valuing Crypto Exchange at $3.3 Billion

• Gemini (GEMI), founded by the Winklevoss brothers in 2014, priced its IPO at $28 per share, valuing the company at $3.3 billion and selling 15.2 million shares in a $425 million offering on Nasdaq (NDAQ).
• The firm manages over $21 billion in assets, offers crypto-backed credit cards including a new Ripple partnership with 30,000 August sign-ups, and received a $50 million investment from Nasdaq for custodial and trade services.
• Despite net losses of $159 million in 2024 and $283 million in the first half of 2025, up to 30% of shares are reserved for retail investors via platforms like Robinhood (HOOD) and SoFi (SOFI), amid crypto market consolidation.

Gemini (GEMI), the cryptocurrency company founded by Cameron and Tyler Winklevoss in 2014, has reportedly set its initial public offering price at $28 per share, exceeding the projected range of $24 to $26 and achieving a valuation of $3.3 billion. This development highlights strong market demand for the firm, which oversees more than $21 billion in assets on its platform as of the end of July and has established itself as a regulated player in the digital asset ecosystem, emphasizing compliance with frameworks like New York’s BitLicense and offering features such as dollar-pegged stablecoins and institutional custody solutions.

With the offering limited to $425 million, the sale involved 15.2 million shares, down from an initial marketing of 16.67 million but following an upward adjustment from an earlier range of $17 to $19 per share. The underwriters, spearheaded by Goldman Sachs (GS), Citigroup (C), and Morgan Stanley (MS), hold a 30-day option to acquire an extra 452,807 shares from the company and 380,526 shares from selling stockholders, potentially expanding the float to capitalize on post-IPO interest. Trading on the Nasdaq (NDAQ) under the GEMI symbol, the debut is poised to reflect broader sentiment toward cryptocurrency ventures, especially as established assets like bitcoin and ether undergo recent price consolidation.

To enhance inclusivity, up to 30% of the shares are designated for retail participation via platforms such as Robinhood (HOOD), SoFi (SOFI), Hong Kong-based Futu Securities (FUTU), Singapore’s Moomoo Financial, Webull, and others, aligning with Gemini’s mission to make crypto accessible beyond institutional investors. Beyond its primary role as an exchange, Gemini provides a crypto-backed credit card and recently introduced another in collaboration with Ripple, which drew over 30,000 sign-ups in August – more than twice the prior month’s total, as noted in the S-1 filing – demonstrating growing consumer adoption amid the firm’s expansion into financial products that integrate blockchain rewards and payments.

Despite recording a net loss of $159 million in 2024 and $283 million in the first half of this year per its Securities and Exchange Commission registration, Gemini contrasts with profitable counterparts like Circle Internet and Bullish, which have seen positive listing outcomes. These widening losses underscore operational challenges in a volatile sector, yet the company gained notable institutional backing this week through a $50 million investment from Nasdaq, intended to provide client access to Gemini’s custodial services while positioning it as a partner for the Calypso trade management system.

The Winklevoss brothers, recognized for their early advocacy of bitcoin and subsequent legal efforts to promote regulatory clarity in crypto, have guided Gemini toward a focus on security and transparency, including regular proof-of-reserves audits that bolster user trust in an industry marked by past exchange failures. This IPO not only injects capital for growth but also signals potential momentum for additional crypto firms eyeing public markets, testing investor resilience in the face of economic shifts.

WallStreetPit does not provide investment advice. All rights reserved.

• Bulenox: Get 45% to 91% OFF ... Use Discount Code: UNO
• Risk Our Money Not Yours | Get 50% to 90% OFF ... Use Discount Code: MMBVBKSM