Crypto exchange Gemini plans to sell 16.67 million shares at between $17 and $19 each in a planned U.S. initial public offering, the company said Tuesday.
At the upper end of that range, Gemini would raise $316.7 million to fetch a valuation of up to $2.22 billion.
The crypto exchange filed a public S-1 registration statement Tuesday with the Securities and Exchange Commission, after filing confidentially in June.
Gemini expects to list on the Nasdaq exchange under the ticker GEMI.
Gemini, founded in 2014 by Cameron and Tyler Winklevoss, enters the IPO fray at a time when several crypto and fintech companies are also testing the waters. Blockchain startup Figure and buy now, pay later firm Klarna have also disclosed plans this week to begin trading publicly. Stablecoin issuer Circle went public in June with a $1.2 billion IPO and jumped 168% on its first day of trading. Crypto exchange Bullish and trading platform eToro have launched IPOs this year, as well.
Gemini has endured a rocky path toward recognition from U.S. regulators. The SEC charged Gemini in 2023 with selling unregistered securities, focusing particularly on its now-defunct high-yield product Earn. The product caused a rift with crypto investment firm Genesis, which paused withdrawals on the platform amid volatility in late 2022 – presumably a ripple effect from the collapse of FTX. Gemini argued the pause kept investors from accessing millions of dollars.
The crypto firm later agreed to return at least $1.1 billion to its Earn customers through Genesis’ bankruptcy proceedings, and paid New York’s Department of Financial Services $37 million in a related settlement. Gemini also agreed to pay $5 million in January to settle a Commodity Futures Trading Commission lawsuit.
The SEC and Gemini, meanwhile, requested a two-month pause in the suit in April.
Gemini has more than $18 billion of assets on the platform, according to Tuesday’s filing. The crypto firm generated $142.2 million in revenue in 2024, up from $98.1 million the previous year. It reported a loss of $282.5 million on $68.6 million in revenue over the first six months of 2025, compared with a loss of $41.4 million on $74.3 million in revenue between January and June last year.
Goldman Sachs, Citi, Morgan Stanley and Cantor will serve as lead bookrunners in the IPO, Gemini said.
