Quick Breakdown:
- Gemini prices IPO at $28 per share, raising about $425M in a Nasdaq debut under ticker GEMI.
- Backed by Goldman Sachs, Citigroup, and Morgan Stanley, the IPO highlights Wall Street’s deeper push into crypto markets.
- Founded by the Winklevoss twins, Gemini expands its global crypto services across 60+ countries, targeting institutional growth.
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has priced its initial public offering (IPO) at $28 per share, valuing the offering at over $425 million. Trading begins September 12 on the Nasdaq under the ticker symbol “GEMI.”
The IPO comes at a pivotal moment for the digital asset industry, as U.S.-regulated exchanges seek to capture a larger share of the global crypto market. Gemini, which operates in more than 60 countries, provides trading, custody, derivatives, and yield products for both retail and institutional users.
Gemini raised $425 million in an initial public offering, pricing its stock above a marketed range and shrinking the number of shares, according to a person familiar with the matter https://t.co/dAfdvXCuwW
— Bloomberg (@business) September 11, 2025
IPO structure and market entry
The offering includes 15,178,572 shares of Class A common stock. Underwriters also hold a 30-day option to purchase an additional 758,929 shares to cover over-allotments. While Gemini will benefit from the proceeds of its own shares, it will not receive funds from those sold by existing shareholders.
The deal is being led by Goldman Sachs and Citigroup, with Morgan Stanley and Cantor among additional lead bookrunners. Eleven other banks are participating as bookrunners or co-managers. The registration statement has been cleared by the U.S. Securities and Exchange Commission (SEC), making way for trading to commence. The company plans to sell 16.67 million shares, maintaining the original offering size but increasing its fundraising target to $433 million, up from $317 million in its September 2 filing.
Crypto exchange pushes into public markets
Gemini’s move follows years of volatility across crypto markets, where public listings have been rare. Its IPO signals a renewed push to legitimize digital asset firms on Wall Street and expand investor exposure to crypto infrastructure.
Founded in 2014, Gemini has built its reputation around regulatory compliance, security, and institutional-grade services. By entering the public markets, the exchange aims to leverage new capital and visibility to scale its operations as mainstream adoption of cryptocurrencies accelerates.
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