Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has announced an increase in the size of its upcoming initial public offering (IPO) to $433.3 million in response to strong demand.
Higher Valuation Due to Strong Demand
Gemini raised the price range of its shares to $24–$26, up from a previous range of $17–$19. The total number of shares offered remains at 16.7 million. At the top of the new range, the company is projected to reach a valuation of approximately $3.1 billion. Industry experts note that the IPO has been heavily oversubscribed, reflecting strong market appetite despite current volatility in the digital asset sector.
Retail Investor Inclusion in Gemini IPO
In a notable approach for a cryptocurrency exchange IPO, Gemini is allocating a significant portion of shares to non-institutional buyers. Up to 30% of IPO shares will be distributed through retail platforms like Robinhood, SoFi, and Webull, while 10% is reserved for affiliates, employees, and long-time users. This strategy aims to enhance ownership and attract attention to Gemini's consumer-oriented brand.
Financial Challenges and Future Plans for Gemini
Despite the positive reception surrounding the IPO, Gemini continues to face financial difficulties. In the first half of 2025, the company reported a net loss of $282.5 million against revenues of $68.6 million, compared to a loss of $41.4 million on revenues of $74.3 million during the same period last year. According to its SEC filing, Gemini currently manages over $18 billion in assets.
A successful IPO could serve as a model for other cryptocurrency companies looking to enter the public market, and its reception is likely to influence investor confidence across the sector.
