Gemini Raises IPO Price Range, Secures $50M Investment from Nasdaq

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has raised the price range for its upcoming initial public offering and announced a strategic $50 million investment from Nasdaq. The move positions Gemini for a valuation exceeding $3 billion, signaling renewed investor enthusiasm for crypto-related public listings.

IPO price range increased amid strong demand

In an updated S-1 filing with the U.S. Securities and Exchange Commission (SEC), Gemini said it now aims to price its Class A common stock between $24 and $26 per share, up from its previous range of $17 to $19. At the top end of the range, the firm would raise up to $433.3 million by selling 16,666,667 shares. If underwriters exercise their option to purchase an additional 452,807 shares, the offering could increase further.

$GEMI – @Gemini

Gemini raises their initial price range to $24 – $26 per share and is supposedly “well-oversubscribed”

In their most recent S-1/A, they also raised their retail investor IPO allocation from 10% to 30% of shares, giving $HOOD – @RobinhoodApp, $SOFI – @SoFi,… https://t.co/w6QPLNZAyM pic.twitter.com/9vrWKvjtxD

— MNT on X (@MNTonX) September 10, 2025

The Gemini IPO is reportedly already significantly oversubscribed, with investors showing little price sensitivity. In response, Gemini has also increased the retail investor allocation to 30% of the offering, up from the original 10%, with shares accessible via platforms such as Robinhood and SoFi.

Nasdaq takes $50M stake, deepens crypto integration

In a parallel move, Nasdaq has agreed to purchase $50 million worth of Gemini’s Class A shares through a private placement at the IPO price, minus underwriting discounts and commissions. This strategic investment extends beyond equity: the two firms have signed a term sheet to integrate services across both platforms.

Nasdaq to invest $50 million in Winklevoss-founded crypto exchange Gemini https://t.co/2w9QIDhib4

— CNBC (@CNBC) September 9, 2025

Nasdaq will gain access to Gemini’s crypto custody and staking services, while Gemini will resell Nasdaq’s Calypso collateral management solution to its institutional clients. The agreement also includes fee-sharing arrangements, though final terms are still pending post-IPO.

Gemini prepares for public debut

Gemini’s IPO is set to price on Thursday after market close, with shares expected to begin trading on Nasdaq under the ticker symbol “GEMI” on Friday. The company will join Coinbase and Bullish as the only publicly traded crypto exchanges in the U.S.

Despite facing significant financial headwinds, reporting a net loss of $282.5 million in the first half of 2025, Gemini’s strong IPO demand and strategic partnership with Nasdaq underscore investor confidence in the long-term viability of regulated crypto infrastructure.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are among the lead underwriters for the offering.