Gemini, the cryptocurrency exchange backed by Winklevoss twins Cameron and Tyler, has raised the proposed price range for its upcoming U.S. initial public offering (IPO), signaling strong investor demand amid a renewed boom in crypto markets. The move positions the company to achieve a valuation of up to $3.08 billion, reflecting growing confidence in the digital asset sector.
The exchange plans to sell 16.67 million shares at a price range of $24 to $26 per share, up from the prior range of $17 to $19. The offering is expected to raise approximately $433.3 million, giving Gemini a sizable capital infusion to expand its operations. In a parallel development, Nasdaq has committed to purchasing $50 million in shares through a private placement concurrent with the IPO, according to people familiar with the matter.
The timing of Gemini’s IPO comes as the broader U.S. equity market demonstrates renewed strength heading into the fall, buoyed by lower interest rates, easing concerns over residual tariffs, and a gradual decline in inflation pressures. “Lower rates reduce funding costs and support equity valuations, which is positive for IPO sentiment,” said Kat Liu, vice president at IPO research firm IPOX.
Cryptocurrency firms have increasingly emerged as standout IPO candidates, benefiting from favorable regulatory developments, growing institutional adoption, and rising inflows into crypto exchange-traded funds (ETFs). Earlier on Tuesday, blockchain lender Figure Technologies also raised its IPO price range and offering size, underscoring investor appetite for companies bridging traditional finance with digital assets.
Gemini’s IPO is scheduled to price on Thursday and will mark the exchange as the third publicly traded crypto platform in the U.S., following Coinbase — the first crypto exchange to join the S&P 500 — and Bullish, whose shares more than doubled during its NYSE debut last month. The company is expected to trade on the Nasdaq under the ticker symbol “GEMI.”
Founded by Cameron and Tyler Winklevoss, Gemini rose to prominence after the brothers gained fame in the aftermath of their 2008 legal settlement with Meta (formerly Facebook) and CEO Mark Zuckerberg. The exchange has since positioned itself as a regulated, institutional-friendly platform offering a wide range of cryptocurrency trading and custody services.
Goldman Sachs and Citigroup are serving as the lead bookrunners on the Gemini IPO, managing the roadshow and allocation of shares to institutional and retail investors alike. Analysts expect strong investor interest, particularly as traditional finance increasingly intersects with the rapidly evolving digital asset ecosystem.
As Gemini moves closer to its Nasdaq debut, the IPO will serve as a bellwether for the broader crypto market, reflecting both investor confidence and the ongoing mainstreaming of digital currencies in the U.S. financial system.
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