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6h ago

Gemini Sets IPO Terms, Seeks $317 Million at About $2.2 Billion Valuation

Investors now weigh revenue gains against steep 2025 losses, with the offering still under SEC review.

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Crypto exchange gemini aims for $2.22b valuation in u.s. ipo, seeking to raise $317m
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gemini IPO Cameron Winklevoss wall street Tyler Winklevoss

Overview

  • The crypto exchange plans to sell about 16.67 million Class A shares at $17 to $19 each, implying a valuation near $2.2 billion and targeting up to $317 million in gross proceeds.
  • Gemini has applied to list on the Nasdaq Global Select Market under the ticker GEMI.
  • Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald are lead bookrunners, and underwriters have a 30-day option to purchase roughly 2.5 million additional shares.
  • SEC filings show $142.2 million in revenue for 2024, followed by a net loss of $282.5 million on $68.6 million of revenue for the first six months of 2025.
  • The company says IPO proceeds will fund new products and technology and will be used to pay down debt, while investors track legal overhang from the Genesis dispute and a $5 million CFTC settlement.