Gemini, the U.S.-based crypto exchange founded by Tyler and Cameron Winklevoss, has priced its initial public offering (IPO) at $28 per share, well above its initial range of $17 to $19. The trading of its Class A common stock is set to begin on Nasdaq under the ticker "GEMI" on September 12, with the offering expected to close on September 15.
The company plans to offer over 15 million shares and has granted underwriters a 30-day option to purchase additional shares for over-allotments. Gemini aims to raise $433 million, reflecting strong investor demand and a valuation of around $3 billion.
Nasdaq has committed to buying $50 million in shares via a private placement, further signaling confidence in Gemini’s growth. Despite rising revenue through trading fees, Gemini reported a net loss of $282.5 million in the first half of 2025, following a $158.5 million loss in 2024.
Gemini’s founders, known for their early Bitcoin advocacy and ties to the Trump 2024 campaign, face ongoing regulatory scrutiny. The company settled a 2022 Commodity Futures Trading Commission lawsuit earlier this year for $5 million without admitting wrongdoing.
