Gemini Targets $2.22B Valuation in U.S. IPO, Eyes $317M Raise

Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, is preparing for one of the sector’s most anticipated listings this year, seeking a valuation of up to $2.22 billion in its upcoming U.S. initial public offering.

The New York-based firm plans to sell 16.67 million shares at a price range of $17 to $19 each, according to a Tuesday press release. At the top end, the offering would raise roughly $317 million. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are serving as lead bookrunners.

Gemini filed its S-1 registration with the U.S. Securities and Exchange Commission in June, entering an IPO market that has recently opened up to crypto-linked companies after years of hesitation. The exchange would join peers including Circle (CRCL), eToro (ETOR), and Bullish (BLSH) in tapping U.S. public markets.

Financial disclosures showed Gemini generated $142.2 million in revenue in 2024, up from $98.1 million the prior year. While far smaller than Coinbase’s multibillion-dollar revenues, the growth underscores Gemini’s boost from higher trading volumes during bitcoin’s rally.

The listing would mark a major milestone for the Winklevoss twins, who launched Gemini in 2014 as a compliance-focused alternative to offshore exchanges. The company’s emphasis on regulation has won support from some institutions, though it has also faced challenges, including regulatory scrutiny tied to a dispute with bankrupt lender Genesis.

Gemini is positioning itself as a mid-tier exchange that could benefit if crypto adoption accelerates in the U.S. Shares will trade under the ticker GEMI.