Gemini, backed by the Winklevoss twins, seeks $2.2B US IPO valuation

Cryptocurrency exchange Gemini, which was started by Cameron and Tyler Winklevoss in 2014, is gearing up to make one of its most significant moves so far. The company has already expressed that it will go public in the United States with a valuation of up to $1.22 billion dollars. 

This follows several years of developing Gemini into a reputable digital-asset brand. The so-called bitcoin twins were among the first people to invest in bitcoin and become billionaires as the crypto market expanded. This time around, they will be putting to the test investor interest in yet another crypto exchange on Wall Street.

Details, IPO and Fundraising Target

As the company filing reveals, Gemini will sell $16.67 million shares at a price ranging between $17 and $19 per share. At the upper end of the range, the company may increase by up to $317 million. The company will issue its shares on the Nasdaq under the ticker symbol GEMI. Goldman Sachs and Citigroup will underwrite the deal, and this may be a signal that the traditional financial institutions are giving the deal a green light.

Investor confidence driven by several robust trading debuts by other players has led US IPO activity to perk up in 2025, after a relatively subdued couple of years.

The IPO of Gemini is occurring at a time when the larger IPO market is turning around. The market is very competitive, and in the United States, Coinbase controls the most significant part of the market. 

When digital bank Chime Financial and space technology company Firefly Aerospace went public recently, they were both highly sought after. Analysts feel that this circumstance is a good background to the listing of Gemini.

Cryptocurrency companies are going public

The Gemini IPO will be an addition to a small but rapidly expanding list of publicly traded digital asset platforms. The first large US exchange to list its shares was Coinbase, and earlier this year, Bullish had the headlines with a blockbuster debut. Gemini would be the third exchange to enter this category, which points to how crypto has transitioned to a mainstream financial sector and is no longer a niche industry. 

As spot bitcoin ETFs are approved in the United States and Coinbase was listed on the S&P 500 index earlier this year, digital assets are becoming increasingly difficult to overlook by the traditional investor.

Analyst Views on the Deal

The crypto community understands that the Gemini IPO is a good indicator of the market. Analyst Bo Pei of US Tiger Securities said the time appeared opportune due to the success of other crypto listings and the overall success in the market. 

The rise in bitcoin and other digital currencies has also created momentum. Investors have another method to access the industry indirectly by investing in the IPO.

Greater Importance to Crypto Adoption

In addition to the numbers, this action by Gemini carries symbolism. The company has been constructed around a sense of security, regulation and trust.  They have frequently attempted to portray themselves as a more conservative exchange than their competitors. 

Going public will help Gemini demonstrate transparency and long-term commitment to the industry. An IPO success would have the benefit of making the larger crypto market more believable, as it has been questioned multiple times regarding volatility, regulation and fraud.

Risks and Challenges Ahead

Conditions are said to be good, but Gemini will not have it easy. The planned IPO of Gemini is not only a symbolic action, but also a financial action. Users are also competing with global players like Binance and Kraken. 

Another significant challenge is regulatory uncertainty since governments are still debating how to regulate crypto exchanges. Investors will closely monitor whether Gemini will be able to produce growth through these risks.

Assumption

Successfully, the listing would assist in building more trust in the industry and encourage more digital asset companies to consider going public. The Winklevoss twins are betting that the interest of investors in crypto is not just back but is poised to make another jump by valuing the company at over two billion dollars. 

In case of success, the listing would create additional trust in the industry and make more digital asset companies think about going public. To Wall Street and the crypto industry, the launch of Gemini could be the event of 2025.