Cryptocurrency exchange Gemini has updated its plans for an initial public offering (IPO), raising the target amount to $433.3 million. This decision comes in response to strong investor interest.
Changes in Share Price Range
Gemini has increased its share price range from an initial $17–$19 to $24–$26. At the upper limit of this range, the company would be valued at $3.1 billion. Changes were made after investor demand exceeded the company's expectations.
Plans for Share Allocation
The company also revealed that Nasdaq Inc. will invest directly through a private placement at the IPO price, pending the successful closure of the offering. Gemini plans to reserve 10% of shares for long-time users, employees, and their families, as well as up to 30% for retail investors through platforms like Robinhood and SoFi.
Financial Performance and Investor Accountability
Financial data shows a widening gap: Gemini reported a net loss of $282.5 million on revenue of $68.6 million for the first half of 2025, compared to a loss of $41.4 million on $74.3 million in revenue during the same period in 2024.
Gemini's IPO represents not only a challenge for capital raising but also a significant test for the public equity narrative in crypto. In the context of scrutiny of centralized exchanges and investor attention, the strong demand for GEMI shares may set the tone for future cryptocurrency listings on Wall Street.
