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2h ago

Gemini Sets $17–$19 Range for Nasdaq IPO, Seeking Up to $317 Million

The compliance-focused exchange disclosed steep first-half losses as it pursues fresh capital.

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Crypto exchange gemini aims for $2.22b valuation in u.s. ipo, seeking to raise $317m
(MSTR)
(CROUSDT)

Overview

  • Gemini plans to sell about 16.67 million Class A shares on the Nasdaq Global Select Market under the ticker GEMI, targeting a valuation near $2.2 billion at the top of the range.
  • Goldman Sachs, Citigroup, Morgan Stanley and Cantor are listed as lead bookrunners on the offering.
  • SEC filings show a net loss of $282.5 million on roughly $68 million in revenue for the first half of 2025, following 2024 revenue of $142.2 million.
  • Proceeds are earmarked for product and technology investment plus debt reduction, with founder control preserved through a dual-class share structure.
  • The company cites a $75 million secured credit facility with Ripple as liquidity support, the deal remains subject to SEC review and market conditions, and a successful listing would make Gemini the third publicly traded U.S. crypto exchange.