Cryptocurrency exchange Gemini is gearing up for its public market debut, aiming to raise a significant sum. The firm, started by Cameron and Tyler Winklevoss, expects to bring in up to $316.7 million through an initial public offering, according to reports from Bloomberg. This move signals a fresh chapter for the nine-year-old company.
Gemini plans to offer 16.7 million shares to investors. Each share will likely sell for between $17 and $19. If the shares hit the higher end of that range, the offering would value Gemini at roughly $2.2 billion. The company intends to list its shares on the Nasdaq stock exchange under the ticker symbol GEMI. Financial heavyweights Goldman Sachs and Citigroup are managing the stock sale.
Based in New York, Gemini offers a range of services to the crypto community. Customers can use its platform to trade different cryptocurrencies, hold their digital assets safely, and participate in staking. Gemini also backs a stablecoin called GUSD, which is tied to the U.S. dollar, and provides a credit card that gives rewards in crypto. As of June 2025, the platform managed more than $18 billion in customer assets.
However, the road to this public listing shows some bumps. Financial results for the first half of 2025 reveal a net loss of $282.5 million. This loss came on revenues of just $68.6 million. In comparison, during the same period in 2024, the company reported a smaller deficit of $41.4 million. These figures highlight a challenging financial landscape for the company leading up to its IPO.
The political scene has also played a part in Gemini’s strategy. The Winklevoss brothers recently donated $21 million in Bitcoin to a political action committee supporting Donald Trump. This aligns with the current administration’s push for digital assets. It shows Gemini’s founders are keen to shape the regulatory environment for cryptocurrencies.
Gemini isn’t alone in joining the public markets. Its IPO comes as many other crypto companies seek to go public. Circle successfully raised $1.2 billion in its own IPO in June. Bullish also brought in $1.1 billion for its U.S. stock market debut in August. Other major crypto players like Grayscale, BitGo, and Kraken are also working towards their own public listings. To support its liquidity during this period, Gemini registered its S-1 filing with the U.S. Securities and Exchange Commission (SEC) in mid-August. This filing revealed a credit line of up to $150 million from Ripple, as earlier reports indicated.