Gemini targets $2.2B valuation in Nasdaq IPO filing
The exchange seeks up to $317 million through public listing amid steep financial losses
Gemini founders Cameron & Tyler Winklevoss | Rena Schild/Shutterstock modified by Blockworks
Gemini Space Station, Inc., the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed an amended registration statement with the Securities and Exchange Commission for its initial public offering.
The filing outlines plans to offer 16.67 million Class A shares at a price range of $17 to $19, with underwriters holding an option to sell an additional 2.5 million shares.
The listing is expected to appear on the Nasdaq Global Select Market under the ticker symbol GEMI. If completed as proposed, the IPO would make Gemini the third US-listed centralized crypto exchange operator, following Coinbase in 2021 and Bullish earlier this year.
Financial disclosures highlight mounting challenges. In 2024, Gemini reported $142.2 million in revenue but posted a net loss of $158.5 million. Losses deepened in the first half of 2025, with the company recording $67.9 million in revenue against $282.5 million in net losses.
The IPO targets a valuation of up to $2.22 billion, which is well below Gemini’s $7.1 billion private valuation in 2021.
Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald are leading the underwriting syndicate, joined by Evercore ISI, Mizuho, Truist Securities and others.
The Gemini filing lands in the middle of what has quickly become the busiest IPO season for crypto firms since Coinbase’s 2021 debut.
Circle’s blockbuster listing earlier this summer set the tone, followed by Bullish’s August debut on the New York Stock Exchange, which priced above range and gave public markets their second centralized exchange stock.
With Gemini now in the queue alongside Figure Technologies, and with eToro and other firms preparing to follow, public investors are showing a renewed appetite for digital-asset companies.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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