Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is preparing to step onto public markets in what could be one of the most closely watched listings in the digital asset space this year.
Launched in 2014 as a regulated alternative to offshore trading platforms, Gemini has spent the last decade marketing itself as the “compliant exchange” for U.S. institutions. That strategy has been both an advantage and a challenge — winning credibility with cautious investors but also drawing Gemini into disputes, such as its messy fallout with bankrupt lender Genesis.
IPO Mechanics
The company is now eyeing a valuation of up to $2.22 billion. According to its filing, Gemini plans to sell 16.67 million shares priced between $17 and $19, a move that could raise as much as $317 million. Trading will take place under the ticker GEMI, with Wall Street heavyweights Goldman Sachs, Citigroup, Morgan Stanley, and Cantor backing the deal.
Revenue Growth Amid Crypto Rally
Gemini reported $142.2 million in revenue for 2024, up from $98.1 million the previous year. While a fraction of Coinbase’s multi-billion-dollar earnings, the growth underscores how last year’s crypto rally lifted even mid-sized players.
Riding a Broader Trend
The IPO comes as more crypto-linked firms tap U.S. markets. Stablecoin issuer Circle, trading platform eToro, and Bullish have all recently gone public. Gemini hopes its pitch as a regulated, mid-tier exchange will resonate with investors looking for exposure to crypto without the risks tied to unregulated operators.
For the Winklevoss twins, the listing would represent a milestone: turning their decade-old bet on digital assets into a Wall Street reality.
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