Gemini IPO Targets $2.22 Billion as Winklevoss Twins Test Wall Street’s Appetite

Gemini is pushing ahead with a $2.22 billion IPO. The company is counting on its steady growth and the Winklevoss twins’ Wall Street pitch to win over investors in a crowded crypto market.

Crypto exchange Gemini is pushing into the U.S. public markets with one of the most high-profile IPOs in the industry this year. The company, founded by Cameron and Tyler Winklevoss, plans to raise up to $317 million by selling 16.67 million shares priced between $17 and $19 each. If demand holds, the deal would value Gemini at roughly $2.22 billion.

Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS), and Cantor (CEP) are leading the offering. The listing would mark a major milestone for the New York-based firm, which has worked for years to establish itself as a regulated and trusted exchange in a market often clouded by scandals and offshore players.

Gemini Builds Its Case

Gemini reported $142.2 million in revenue for 2024, a strong jump from the $98.1 million it posted the year before. The growth reflects how trading activity surged alongside Bitcoin and other digital assets over the past year. While Gemini is still far smaller than Coinbase (COIN), its steady rise gives investors a glimpse of its potential in a maturing crypto market.

The firm first filed its IPO paperwork with the SEC in June, signaling confidence that regulators have softened toward crypto companies entering public markets. Gemini is following in the footsteps of Circle (CRCL), Bullish (BLSH), and eToro (ETOR), which have all tapped U.S. markets recently.

Winklevoss Twins Play the Long Game

For the Winklevoss twins, the IPO caps more than a decade of work building Gemini into a recognizable U.S. exchange brand. Since its launch in 2014, the brothers have pitched Gemini as a safer, compliant alternative to global competitors, hoping to win over institutions and regulators alike.

That pitch has not always been easy. Gemini faced serious scrutiny during its clash with bankrupt lender Genesis, a dispute that highlighted just how tangled crypto lending and trading became during the last market downturn. Still, the IPO shows the twins are doubling down on their long-term bet that regulated U.S. exchanges will outlast the noise.

Gemini’s IPO Presents Both Opportunity and Risk

For investors, the IPO presents both opportunity and risk. On the one hand, Gemini could benefit as more U.S. consumers and institutions move into digital assets, especially if the next Bitcoin rally takes hold. On the other hand, the exchange remains much smaller than Coinbase and faces stiff competition from other platforms racing for market share.

The company plans to trade under the ticker symbol GEMI, giving investors a mid-sized exchange option that is both growing and grounded in a more compliance-first strategy than many rivals. Whether that is enough to justify its valuation will depend on how crypto markets evolve in the next cycle.

As crypto exchanges like Gemini explore IPO opportunities, staying on top of market shifts and emerging opportunities is key for investors. Tools like TipRanks’ Compare Crypto Stocks help investors track key developments and assess how public listings and regulatory updates impact the market. Click on the image below to stay informed.