Gemini Prices IPO at $28 per Share, Valuing Crypto Exchange at $3.3 Billion

Gemini Prices IPO at $28 per Share, Valuing Crypto Exchange at $3.3 Billion

Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has priced its initial public offering (IPO) at $28 per share, surpassing its previously projected range of $24 to $26. This price sets the company’s valuation at approximately $3.3 billion, according to a Bloomberg report citing a source familiar with the offering.

The company sold 15.2 million shares, raising $425 million, below its initial marketing target of 16.67 million shares, indicating strong demand amid a cautious market environment. Earlier in the week, Gemini had adjusted its expected price range upward from $17–$19 per share.

Gemini’s underwriters, including Goldman Sachs, Citigroup, and Morgan Stanley, have been granted a 30-day option to sell an additional 833,333 shares combined. The stock will trade on Nasdaq under the ticker symbol “GEMI.” Notably, up to 30% of the offering is reserved for retail investors through platforms such as Robinhood, SoFi, Futu Securities, Moomoo Financial, and Webull.

Company Performance and Market Context

Founded in 2014 by the Winklevoss twins, Gemini operates primarily as a cryptocurrency exchange and held over $21 billion in assets on its platform as of July 2025. However, the company has reported widening losses, posting a net loss of $159 million in 2024 and $283 million in the first half of 2025, as disclosed in its SEC registration.

This financial backdrop contrasts with recent successful crypto IPOs like Circle Internet and Bullish, which have reported profitability. Additionally, the broader crypto market has seen consolidation in major cryptocurrencies such as Bitcoin and Ether, contributing to heightened caution among investors.

Strategic Partnerships and Product Expansion

Despite these challenges, Gemini secured a significant institutional endorsement this week when Nasdaq announced a $50 million strategic investment in the company. Nasdaq aims to leverage Gemini’s custodial services and establish a distribution partnership for its Calypso trade management system.

Beyond exchange services, Gemini has diversified its offerings with crypto-backed credit cards. Last month, it launched a new card in partnership with Ripple, which saw over 30,000 sign-ups in August alone—more than double the previous month’s figures, according to Gemini’s S-1 filing.

As Gemini begins trading publicly, market observers will closely monitor whether the company can sustain investor confidence amid ongoing volatility in the crypto sector and its current path toward profitability.