Gemini Ups IPO Price Range to Target $3.08 Billion Valuation
Winklevoss twins-backed cryptocurrency exchange Gemini has raised the proposed price range for its U.S. initial public offering (IPO), now aiming for a valuation of up to $3.08 billion, highlighting strong investor appetite for crypto-related ventures.
The company disclosed on Tuesday that it plans to raise $433.3 million by selling 16.67 million shares priced between $24 and $26 each, a significant jump from its earlier range of $17 to $19 per share.
In addition, Nasdaq has agreed to purchase $50 million worth of shares in a private placement at the time of Gemini’s IPO, Reuters reported, citing sources familiar with the matter.
Investor Optimism Boosts Crypto IPOs
The IPO surge comes as U.S. equity markets rebound and optimism grows around potential interest rate cuts, which reduce funding costs and boost equity valuations.
“Lower rates reduce funding costs and support equity valuations, which is positive for IPO sentiment,” said Kat Liu, Vice President at IPO research firm IPOX.
Crypto firms have emerged as standout issuers this season, driven by:
- Regulatory clarity around digital assets
- Increased ETF inflows into crypto products
- Rising institutional adoption bridging traditional finance and blockchain
Gemini Joins Coinbase and Bullish on U.S. Markets
If successful, Gemini’s IPO will make it the third publicly traded crypto exchange, following:
- Coinbase (COIN.O) — the first crypto exchange to join the S&P 500
- Bullish — whose stock more than doubled in its NYSE debut last month
Founded by Cameron and Tyler Winklevoss, Gemini is best known for its user-friendly exchange platform and pioneering role in crypto custody and compliance. The twins gained fame after settling their 2008 legal dispute with Facebook (Meta) CEO Mark Zuckerberg.
Gemini will list on the Nasdaq under the ticker symbol “GEMI.” Leading banks Goldman Sachs and Citigroup are serving as the lead bookrunners for the offering.
