TLDR
- Gemini cryptocurrency exchange files for IPO targeting $2.22 billion company valuation
- Plans to raise $317 million by selling 16.67 million shares at $17-19 per share price range
- Goldman Sachs and Citigroup lead major Wall Street banks backing the public offering
- Company revenue jumped 45% to $142.2 million in 2024 from $98.1 million in 2023
- Shares will trade on Nasdaq under “GEMI” ticker symbol once IPO completes
Gemini cryptocurrency exchange has filed for an initial public offering seeking a $2.22 billion valuation. The Winklevoss twins’ company aims to raise $317 million through the public market debut.
The New York-based crypto platform plans to sell 16.67 million Class A common stock shares. The expected price range sits between $17 and $19 per share according to SEC filings submitted Tuesday.
Cameron and Tyler Winklevoss founded Gemini in 2014 as a regulated U.S. cryptocurrency exchange. The brothers built the platform to compete with established players like Coinbase in the domestic crypto trading market.
Major Banks Back Crypto Exchange IPO
Goldman Sachs and Citigroup are serving as lead bookrunners for the offering. Morgan Stanley and Cantor have joined as co-lead underwriters supporting the transaction.
The deal includes additional backing from Evercore ISI, Mizuho, and Truist Securities. Smaller firms Cohen & Company Capital Markets, Keefe Bruyette & Woods, and Needham & Company round out the underwriting group.
Academy Securities, AmeriVet Securities, and Roberts & Ryan will serve as co-managers. The syndicate provides Gemini access to institutional investor networks across Wall Street.
Underwriters receive a 30-day option to purchase 2.5 million additional shares. This greenshoe option helps manage potential over-demand for the IPO shares.
The company will trade on Nasdaq Global Select Market under ticker symbol “GEMI.” Trading could begin within weeks depending on market conditions and regulatory approval.
Revenue Growth Drives Public Market Push
Gemini reported $142.2 million in revenue for 2024, up from $98.1 million the previous year. The 45% revenue increase reflects higher cryptocurrency trading volumes and market activity.
The exchange has focused on regulatory compliance since launch. This positioning appeals to institutional investors concerned about compliance risks with offshore cryptocurrency platforms.
Gemini joins other crypto companies accessing public markets in 2025. Circle completed a $1.2 billion IPO in June, while eToro and Bullish have also pursued public listings.
The company operates under the corporate name Gemini Space Station, Inc. for the IPO process. Final pricing and timing remain subject to market conditions according to SEC filings.
IPO Market Conditions
Circle’s successful public debut helped validate investor appetite for cryptocurrency infrastructure companies. The stablecoin issuer’s shares gained following its first quarterly earnings report as a public company.
Gemini’s offering comes as bitcoin and other digital assets have experienced price increases. Higher crypto prices typically drive increased trading activity on exchanges.
The exchange has maintained operations despite facing challenges including disputes with bankrupt crypto lender Genesis. Regulatory scrutiny has affected various crypto companies but Gemini continues pursuing growth.
Current IPO documents are available through Goldman Sachs and Citigroup for qualified investors. The final offering terms will depend on investor demand and market reception during the roadshow process.
