Crypto Exchange Gemini Aims for $2.22B Valuation in U.S. IPO, Seeking to Raise $317M

What to know:

• Gemini is targeting $317 million in proceeds from its planned U.S. IPO, which would value the crypto exchange at $2.22 billion.
• Goldman Sachs, Citigroup, Morgan Stanley and Cantor are the lead underwriters on the deal.
• Gemini reported $142.2 million in revenue for 2024, up from $98.1 million the prior year, according to an SEC filing.

Crypto exchange Gemini said Tuesday it is seeking a valuation of up to $2.22 billion in its planned U.S. initial public offering, setting the stage for one of the highest-profile debuts in the sector this year.

The New York-based firm, founded by Cameron and Tyler Winklevoss, plans to sell 16.67 million shares at a price range of $17 to $19, according to a press release. At the top of the range, Gemini would raise as much as $317 million. The company recently hired Goldman Sachs, Citigroup, Morgan Stanley and Cantor as lead bookrunners.

Gemini first filed an S-1 registration statement with the U.S. Securities and Exchange Commission in June, entering an IPO market that has warmed to crypto-linked companies after years of regulatory roadblocks. The offering would put Gemini alongside crypto players that include stablecoin issuer Circle (CRCL), trading platform eToro (ETOR) and Bullish (BLSH), which have all tapped U.S. public markets recently.

Financial disclosures in June showed that Gemini generated $142.2 million in revenue in 2024, up from $98.1 million the year prior. While still a fraction of Coinbase’s multi-billion-dollar top line, the growth suggests Gemini has benefitted from rising trading activity as bitcoin and other digital assets rallied.

The IPO would mark a milestone for the Winklevoss twins, who launched Gemini in 2014 and have pitched it as a regulated and compliant alternative to offshore exchanges. This has resonated at times with U.S. institutions wary of regulatory risk, but Gemini has also faced hurdles, including a dispute with bankrupt crypto lender Genesis that drew scrutiny from regulators.

For investors, Gemini’s appeal rests partly on its role as a mid-sized exchange that could benefit if crypto adoption continues to expand in the U.S. The firm would trade under the ticker “GEMI.”