Recently, Gemini updated the price range of its IPO: the new range is set at $24–$26 per share, with an expected raise of approximately $433.3 million from the sale of 16.67 million shares, bringing the company’s valuation towards $3.1 billion.
Additionally, Nasdaq has committed to a private placement of $50 million, conditional on the successful outcome of the operation, as reported by the media and confirmed by the offering document filed with the SEC Reuters and the updated S-1 form available on EDGAR SEC – S‑1 (Amendment No.2).
According to the data collected from the S-1 form filed with the SEC on September 2, 2025, Gemini reported revenues of approximately $68.6 million and a net loss of approximately $282.5 million in the first half of 2025, figures that explain part of the concerns about operating margins.
Industry analysts note that the direct entry of a market operator like Nasdaq represents a signal of strengthening governance and custody capabilities, factors that can facilitate access for institutional investors.
Key Numbers (in Summary)
- New price range: $24–$26 per share
- Shares offered: 16.67 million
- Expected gross proceeds: approximately $433.3 million
- Implied valuation: up to ~$3.1 billion at the high end
- Private placement Nasdaq: $50 million, subject to the successful outcome of the IPO
- Market and ticker: Nasdaq Global Select Market, symbol GEMI
Price range revised: demand above expectations and more ambitious target
Gemini has increased the price range, moving from the initial range of $17–$19 to the new $24–$26 per share. The revision, driven by demand exceeding estimates, repositions the operation among significant tech listings.
With the sale of 16.67 million shares, the placement aims to raise approximately $433.3 million, resulting in a company valuation approaching $3.1 billion. In this context, the upward target appears consistent with the market momentum.
Nasdaq enters with $50M: a signal to the market
A distinctive element of the operation is the entry of Nasdaq, which has confirmed a commitment through a private placement of $50 million, subject to the successful closing of the IPO.
This institutional support sends a signal of confidence to the market in Gemini’s infrastructural model and helps mitigate some uncertainties related to the execution of the listing. That said, attention remains high on the outcome of the placement.
IPO Structure: Where and How the Listing Will Occur
The operation involves listing on the Nasdaq Global Select Market with the ticker GEMI. The new price range of $24–$26 per share will come into effect at the end of the placement, which is coordinated by a consortium of investment banks and detailed in the offering document. Indeed, the structure of the IPO follows established market standards.
Allocation and Retail Access: Broader Equity Base
The IPO distribution includes an opening to the retail segment to expand the shareholder base beyond institutional investors.
In addition to the shares reserved for long-time users, management, and employees, it will be possible to purchase shares through platforms like Robinhood, Crypto.com, and Webull, with the aim of consolidating the shareholder community and promoting greater liquidity at the stock’s debut. However, the response of retail demand will need to be measured during the bookbuilding process.
Performance and Risks: Infrastructure Growth and Margins Under Pressure
- Revenue in the first half of 2025: $68.6 million (S‑1)
- Net loss in the same period: $282.5 million (S‑1)
- Business drivers: high exposure to market volatility and crypto trading volumes crypto
- Model cost: operating expenses related to investments in infrastructure, compliance, and expansion
The risk/reward profile remains high, with the growth trajectory depending on both external factors, such as crypto market fluctuations, and proper internal execution to ensure efficiency and scalability. It should be noted that visibility on margins remains tied to the cycle.
Custody and staking: what the agreement with Nasdaq entails
The agreement with Nasdaq is not limited to the financial aspect: a collaboration is also planned to offer custody and staking services to institutional investors.
Gemini will provide these services on a non-exclusive basis, allowing for the secure storage of digital assets, integrated with Nasdaq’s collateral management systems, and participation in the validation of proof-of-stake networks to earn rewards according to institutional risk policies.
This partnership aims to encourage adoption by traditional institutions and promote a crypto infrastructure with enterprise standards, facilitating the integration between traditional finance and digital assets.
In this context, the operational component takes on a central role. For more information on custody and staking terms, see our guide on digital asset custody and staking.
Context and Comparisons: Where the Operation Stands
The rise in the price range fits into a context of renewed interest in companies operating in the crypto infrastructure sector. Gemini’s valuation at the high end approaches $3.1 billion, highlighting the appeal of the operation even among institutional investors.
In comparative terms, Gemini’s IPO is more modest compared to those of some major fintech/crypto companies in recent years, such as the debut of Coinbase (which occurred via direct listing), which showed initial capitalizations of a significantly higher magnitude.
Gemini’s proposal thus positions itself in the mid-cap segment of the digital infrastructure, with growth potential linked to future partnerships and the increase in on-chain volumes.
Why It Matters
- Institutional Signal: Nasdaq’s commitment strengthens the perception of reliability in the crypto sphere for corporate clients
- Retail access: a wide dispersed shareholder base can improve liquidity and help contain short-term volatility
- Supply Chain Effects: increased demand for custody and staking services can accelerate the integration between traditional finance and digital assets
- Risks to monitor: the sustainability of margins, dependence on volumes, and potential regulatory pressures, a topic also discussed in the context of regulation
Quick FAQ
What is the estimated price per share? The new range is set at $24–$26 per share.
How much does Nasdaq invest? Nasdaq commits to a private placement of $50 million, subject to the successful outcome of the IPO.
Who will be able to buy shares? In addition to institutional investors, a portion is reserved for long-time users, employees, and retail investors through selected brokers.
Conclusion
The Gemini operation marks a significant turning point for the dialogue between traditional markets and the crypto sector: the increase in the price range, the additional expected capital, and the support from Nasdaq strengthen the narrative of a growing company, although some critical issues remain regarding the accounts and sensitivity to volatility cycles, elements that investors will closely monitor until the closing of the placement and the debut on Nasdaq.