Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has raised its initial public offering (IPO) target ahead of its debut this Friday.
Increase in IPO Target
Gemini now aims for a valuation exceeding $3 billion, reflecting growing investor enthusiasm for crypto-related businesses. In its updated filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Gemini stated it plans to offer its shares in the range of $24 to $26, up from the earlier $17 to $19 per share. The exchange will still offer around 16.67 million shares but hopes to raise $433 million, up from its original goal of $317 million.
Support from Nasdaq
Gemini’s IPO is further backed by Nasdaq, which will purchase 2.11 million shares in a $50 million private placement. Despite reporting a decline in revenue to $68.61 million for the first half of 2025, down from the same period last year, and a widening net loss of $282.47 million from $41.37 million, the exchange saw a nearly 50% increase in trading volume, reaching $24.8 billion. This growth highlights investor interest despite operational losses.
Growing Interest in Crypto Firms
Gemini's move follows a broader trend of crypto companies gaining investor attention. Companies like Circle and Bullish have demonstrated significant surges on the stock exchange on their first days. Coinbase’s inclusion in the S&P 500 index marked another pivotal moment, positioning crypto firms among established corporate players.
As Gemini prepares to go public, it is clear that crypto companies are no longer niche players but are attracting global capital.
