Winklevoss-Led Gemini Pursues $2.22B Valuation in U.S. IPO, Eyes $317M Raise

Gemini Targets $2.22B Valuation in U.S. IPO

Crypto exchange Gemini is looking to raise up to $317 million in a U.S. initial public offering that would value the firm at as much as $2.22 billion, according to its latest filing.

The company, founded by Cameron and Tyler Winklevoss, plans to sell 16.67 million shares priced between $17 and $19. At the top of the range, the offering would mark one of the largest debuts for a crypto-linked firm this year. Leading banks including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are underwriting the deal.

Gemini, which first filed with the SEC in June, joins a growing list of digital-asset companies testing equity markets as investor sentiment improves. Circle, eToro, and Bullish have all recently pursued U.S. listings.

Financial results show Gemini booked $142.2 million in 2024 revenue, up from $98.1 million the prior year, reflecting stronger trading activity during last year’s crypto rebound. While smaller than rival Coinbase, Gemini markets itself as a regulated U.S. exchange, appealing to institutions wary of offshore platforms.

Despite challenges, including a high-profile dispute with bankrupt lender Genesis that attracted regulatory attention, the IPO represents a key milestone for the Winklevoss-led firm.

Shares are expected to trade on Nasdaq under the ticker GEMI.