Winklevoss-Backed Gemini Follows Circle With Nasdaq IPO Bid

Key Insights:

• Gemini files Nasdaq IPO, seeks $317M at $2.22B valuation
• Filing follows Circle IPO amid $3.8T crypto market rally
• Rising institutional demand and U.S. regulation boost momentum

Against this backdrop, Winklevoss twins’ crypto exchange Gemini has filed for a Nasdaq initial public offering (IPO).

The filing (Form S-1) reveals the New York-based firm plans to sell 16.67 million Class A shares at $17–$19 each, raising up to $317 million at the high end.

This values the company at about $2.22 billion. If approved, Gemini’s stock will list on the Nasdaq Global Select Market under the ticker “GEMI.”

Goldman Sachs and Citigroup are serving as lead underwriters, joined by Morgan Stanley and others.

Gemini reported $142.2 million in revenue for 2024 (up from $98.1 million in 2023)[8], reflecting rising trading activity during last year’s crypto price rally.

Although far smaller than Coinbase, Gemini has positioned itself as a regulated U.S. crypto exchange.

Gemini’s IPO Filing

The IPO filing notes that Gemini is an “emerging growth company” under U.S. law, allowing some reduced disclosure requirements. In its S-1, Gemini cautions that the offering depends on market conditions and may not proceed as planned.

Gemini’s move follows a recent wave of crypto-related listings. In June 2025, stablecoin issuer Circle (the firm behind the USDC token) conducted a blockbuster IPO on the NYSE.

Circle raised $1.05 billion by selling 34 million shares at $31 each[10]. Its stock opened at $69 (implying an ~$18 billion valuation) and closed at $83.23 on debut – a 168% gain above the IPO price.

Circle’s success – described by an NYSE executive as a “blowout deal” – is seen as a bullish sign for crypto listings.

Industry analysts say Circle’s surge, along with Bullish (Block.one’s crypto exchange) going public earlier in 2025, has “whetted investor appetite” for more crypto IPOs.

After Circle and Bullish’s successful IPOs, alongside a strong overall market and higher crypto prices, it does feel like an opportune time for crypto-related companies to consider going public.

Gemini would become the third publicly traded U.S. crypto exchange (after Coinbase and Bullish) if its listing goes ahead.

Regulatory Tailwinds and Institutional Demand

The surge in crypto listings comes amid increasingly supportive regulation. U.S. authorities have signaled a more crypto-friendly stance under the current administration.

In July 2025, the SEC issued guidance for crypto ETFs, laying the groundwork for new exchange-traded products on coins from Solana and XRP to Bitcoin.

Lawmakers have also advanced bipartisan “crypto-friendly” bills, and even President Trump has championed crypto initiatives.

These policies have coincided with heavy institutional demand. Recent reports show U.S.-listed spot Bitcoin and Ether ETFs have attracted massive flows – for example, Bitwise’s and other spot ETF approvals last year spurred $5.5 billion of net inflows into bitcoin funds and $890 million into ether funds in May 2025.

According to analysts, Bitcoin’s run is being driven by “relentless institutional accumulation” – major players are scooping up supply and drying up exchange liquidity.

Ethereum has also rallied, trading near a five-month peak (around $2,998 in July), while altcoins like XRP saw notable gains during the summer rally.

Overall, crypto funds have attracted fresh capital as investors diversify or hedge with digital assets.

The result is a “permanent fixture” of crypto in diversified portfolios, according to one market strategist.

Higher trading volumes and on-chain activity reflect this trend: global crypto trading volumes reached multi-trillion dollar levels in 2025, driven by futures and spot markets, although specific figures vary by source.

Regulators are also setting clearer rules around crypto futures and digital assets, further boosting institutional confidence.

A New Crypto Milestone

Gemini’s Nasdaq IPO bid marks another step in crypto’s mainstream journey. If successful, it will give investors a regulated way to own shares in a crypto exchange.

The listing would be a high-profile test of market demand: Gemini’s shares will trade alongside traditional tech and finance firms, subject to public-market scrutiny.

For the Winklevoss twins, who famously invested their Facebook settlement in Bitcoin, the IPO is a chance to fund expansion and compete on a larger stage.

Yet challenges remain. Gemini’s S-1 discloses legal and operational risks (including past disputes related to lending) which could affect its valuation.