Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has increased the price range for its upcoming initial public offering, scheduled for Friday. Shares are now expected to be priced between $24 and $26, up from the prior range of $17 to $19.
With this adjustment, Gemini could raise as much as $433 million, valuing the company at roughly $3.1 billion. The price increase was fueled by strong institutional demand, reflecting the exchange’s reputation as one of the most regulated and structured players in the crypto sector.
As part of the offering, Nasdaq has agreed to invest $50 million via a private placement at the same IPO share price. This partnership will provide integrated services such as custody and staking for Nasdaq clients and access to Gemini’s Calypso platform for institutional users.
The IPO also allows broad retail participation, with up to 30% of shares available through Robinhood, SoFi, and Webull, while an additional 10% is reserved for existing customers, employees, and partners. Lead underwriters for the offering include Goldman Sachs, Citigroup, Morgan Stanley, and Cantor.
The Gemini IPO comes amid increasing investor appetite for cryptocurrency companies on the stock exchange, following high-profile debuts such as Circle, which surged 168% in June, and Bullish, which raised $1.1 billion and saw shares climb 83%. If completed, Gemini would become the third crypto exchange to go public in the US, following Coinbase and Bullish. The company reported a net loss of $282.5 million in the first half of 2025.
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