- Gemini targets a $2.22 billion valuation, offering 16.67 million shares at $17–$19, ticker GEMI on Nasdaq, with underwriters.
- Goldman Sachs and Citigroup lead underwriting; additional 2.5 million shares may cover over-allotments, potentially raising $317 million total.
Gemini is preparing a U.S. initial public offering that targets a valuation of up to $2.22 billion. The exchange plans to sell 16.67 million shares at $17–$19 each, which could raise as much as $317 million.
To cover over-allotments, Gemini and selling shareholders may offer an additional 2.5 million shares to underwriters. The company intends to list on Nasdaq under the ticker GEMI, with Goldman Sachs and Citigroup leading the deal.
Meanwhile, U.S. listings tied to crypto are regaining traction. Bullish raised $1.11 billion at a $5.4 billion valuation, and Circle raised more than $1 billion. Other firms, including BitGo, Grayscale, and Kraken, are evaluating IPO paths.
According to public remarks, SEC Chair Paul Atkins aims to simplify listings by addressing disclosure and litigation risks, while Nasdaq’s Adena Friedman noted productive discussions on easing the process.
Gemini is also expanding in Europe
The company secured a MiCA license in Malta, enabling passported services across more than 30 countries, with Malta serving as its regional hub. Additionally, Gemini launched an XRP rewards credit card in partnership with Ripple. The product pays cardholders in XRP, adding a payments tie-in to the exchange’s core brokerage and custody lines.
However, the filing period arrives during uneven market conditions. Bitcoin and large-cap tokens remain volatile, and investors continue to weigh rates, regulation, and equity risk. Gemini reported a net loss of $282.5 million in the first half of 2025, yet it is pressing ahead with capital formation and regional expansion. The stance is plain: build distribution, add products, and compete for market share.
For prospective investors, the checklist is direct. Review the use of proceeds, dilution from the base and over-allotment, and the revenue mix by geography. Then assess MiCA-enabled growth against U.S. regulatory timelines. If execution tracks the plan, the runway—while narrow—looks defined.
