Gemini Raises IPO Price Range as Nasdaq Takes $50 Million Stake

Cryptocurrency exchange Gemini has increased its initial public offering price range to $24-$26 per share from an initial $17-$19, citing strong investor demand ahead of its planned Friday debut on the Nasdaq under ticker symbol GEMI, Reuters reported Wednesday.

The revised pricing could raise up to $433 million for the company founded by Cameron and Tyler Winklevoss, valuing Gemini at approximately $3.08 billion. The exchange plans to sell 16.67 million Class A common shares, with underwriters holding a 30-day option to purchase an additional 2.5 million shares, the article said.

The Winklevoss brothers and affiliated entities will retain control of 94.5% of voting power following the IPO through a dual-class share structure. The offering includes retail allocation through platforms like Robinhood and Webull.

Nasdaq's direct participation as both listing exchange and investor marks a notable endorsement of the crypto platform. The exchange operator will invest $50 million at the IPO price while establishing a strategic partnership that includes integrating Gemini's custody and staking services for Nasdaq clients.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are leading the offering, which would make Gemini the third major U.S. crypto exchange to go public after Coinbase and Bullish.

The IPO comes despite challenging financials for the eight-year-old company. Gemini reported a net loss of $282.5 million on revenue of $68.6 million for the first half of 2025, compared to a $41.4 million loss on $74.3 million in revenue during the same period in 2024. The company projects a full-year loss of approximately $400 million.

However, Gemini maintains significant scale with over $18 billion in assets under management, approximately 523,000 monthly active users, and 10,000 institutional clients across more than 60 countries. The platform has processed over $800 billion in lifetime transfers.

The listing arrives amid a broader recovery in crypto markets, with Bitcoin trading near $115,000, and following passage of the GENIUS Act in July 2025, which established clearer regulatory frameworks for stablecoins and institutional crypto adoption.

Despite the momentum, Gemini faces ongoing challenges including sustained losses, intensifying competition, and past regulatory scrutiny. The company settled SEC charges in 2023 related to its Gemini Earn lending product, though those charges were later dropped.

Recent crypto IPOs have shown mixed but generally positive reception, with Circle surging 168% on its debut earlier this year, and Bullish jumping 84% after IPO. However, both stocks are down significantly from their highs.