Crypto exchange Gemini, founded by the Winklevoss twins, has announced plans for an initial public offering (IPO) aiming to raise up to $317 million.
Details of Gemini's IPO
Gemini plans to offer 16.67 million shares with a price range of $17 to $19 per share, potentially valuing the company at up to $2.22 billion. The exchange is set to list on Nasdaq under the ticker GEMI, with Goldman Sachs and Citigroup acting as lead bookrunners.
Company's Financial Performance
In its filing for the first half of 2025, Gemini reported a net loss of $282.5 million on $68.6 million in revenue. This marks a significant decline compared to a loss of $41.4 million on $74.3 million last year. The IPO proceeds will be utilized for general business needs and debt repayment.
Context of IPO in the Crypto Market
Gemini's IPO comes in a period of increasing public offerings by crypto companies. Following the successful market debuts of Circle and Bullish, where shares surged by 120% and 160% respectively on their first trading days, investor interest in publicly traded crypto firms has risen significantly. Analyst Bo Pei from US Tiger Securities noted that the current environment is favorable for crypto companies considering going public.
Gemini's upcoming IPO represents a significant move for the company in the face of growing competition in the cryptocurrency market and reflects changes in investor perceptions of crypto assets.
