Tyler Winklevoss and Cameron Winklevoss (L-R), creators of crypto exchange Gemini Trust Co., on stage at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood in Miami, Florida, on June 4, 2021.
Joe Raedle | Getty Images
Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has priced its initial public offering (IPO) at $28 per share, according to sources familiar with the offering. The pricing, revealed late Thursday, places the company’s valuation at approximately $3.3 billion.
The IPO, initially marketed with a price range of $24 to $26, saw significant demand, prompting Gemini to price above the anticipated range. The company capped the offering at $425 million, which resulted in the sale of 15.2 million shares, a reduction from the initially planned 16.67 million shares.
While a Gemini spokesperson declined to officially confirm the report, the sources indicate strong investor interest in the digital asset platform.
Underwriters, led by Goldman Sachs, Citigroup, and Morgan Stanley, have been granted a 30-day option to purchase additional shares from the company and selling stockholders. Gemini is slated to list on the Nasdaq under the ticker symbol “GEMI.”
Notably, up to 30% of the offered shares will be accessible to retail investors through platforms like Robinhood, SoFi, Hong Kong-based Futu Securities, Singapore’s Moomoo Financial, and Webull. This strategic move aims to broaden Gemini’s shareholder base and tap into the growing retail investment interest in cryptocurrencies.
Founded in 2014, Gemini currently holds over $21 billion in assets on its platform as of the end of July. The exchange offers a range of services, including cryptocurrency trading, custody solutions, and its own stablecoin, the Gemini dollar (GUSD).
The market’s reception to Gemini’s IPO will serve as a litmus test for the sustained appetite for crypto-related public offerings. While Circle Internet and Bullish have previously navigated successful listings, recent market consolidation in prominent cryptocurrencies such as Bitcoin and Ether presents a more cautious backdrop. Furthermore, Gemini’s registration with the Securities and Exchange Commission (SEC) reveals a net loss of $159 million in 2024 and a further $283 million loss in the first half of 2025, contrasting with the profitability profiles of some of its publicly traded peers. This raises questions about the underlying profitability drivers and the company’s long-term business model sustainability in a volatile crypto market.
However, a significant boost to investor confidence came this week when Nasdaq announced a $50 million strategic investment in Gemini. This partnership aims to leverage Gemini’s custodial expertise to provide Nasdaq’s institutional clients with secure storage solutions for digital assets. Nasdaq also intends to integrate Gemini into its Calypso trade management system, signalling the exchange’s growing acceptance within traditional financial infrastructure.
Beyond its core exchange operations, Gemini also offers a crypto-backed credit card, including a recently launched partnership with Ripple. The S-1 filing indicates strong initial traction for this offering, with over 30,000 credit card sign-ups in August, more than double the previous month’s figures.
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