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2w ago

Gemini Sets IPO Price Range for Nasdaq Debut, Targeting $317 Million at $2.2 Billion Valuation

The prospectus spotlights rising revenue against steep recent losses to set up an SEC-reviewed test of investor appetite.

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

Overview

  • Gemini plans to sell 16.67 million Class A shares at $17–$19 on the Nasdaq Global Select Market under the ticker GEMI, with Goldman Sachs, Citigroup, Morgan Stanley and Cantor leading the deal.
  • The pricing range targets up to about $317 million in gross proceeds and implies a valuation of roughly $2.2 billion.
  • Regulatory filings show $142.2 million in 2024 revenue but a $282.5 million net loss on $68.6 million revenue in the first half of 2025.
  • The prospectus details a dual‑class share structure preserving Winklevoss voting control and earmarks proceeds for operations, product and technology investment and debt reduction.
  • The offering remains subject to SEC review and market conditions, and a successful listing would make Gemini the third U.S.-traded crypto exchange after Coinbase and Bullish.