Strong investor demand propels Gemini cryptocurrency exchange to boost its IPO target to an impressive $433 million
The cryptocurrency exchange, Gemini, founded by the Winklevoss twins, is set to begin trading on the Nasdaq Global Select Market on September 13, 2025, subject to market conditions and final regulatory approvals.
Gemini's IPO will mark a significant milestone in the crypto industry, as it aims to become the third publicly traded crypto exchange in the United States, joining Coinbase and Bullish. The company will trade under the ticker "GEMI."
The strategic timing of the IPO comes after successful cryptocurrency IPOs in 2025, such as Circle and Bullish. The strong investor demand has led Gemini to raise its share price range from $17-19 to $24-26 per share.
Nasdaq clients will gain access to Gemini's custody and staking services, while Gemini's institutional customers can leverage Nasdaq's Calypso platform for collateral management and tracking. Nasdaq has also invested $50 million in Gemini through a private placement, signalling institutional confidence in the crypto exchange's future prospects.
Gemini serves over 10,000 institutional clients across 60 countries and manages over $18 billion in customer assets, serving 14.6 million verified users worldwide. The company's growth is particularly evident in its institutional trading volume, which surged 60% year-over-year to $21.5 billion in Q2 2025.
The compliance efforts have been instrumental in building trust with institutional investors who demand clear legal oversight. This trust has been further bolstered by the passage of the GENIUS Act in July 2025, creating the first comprehensive federal framework for stablecoins, giving compliant U.S. crypto companies like Gemini significant advantages over offshore competitors.
Moreover, Gemini has resolved major regulatory issues, including a $5 million settlement with the U.S. Commodity Futures Trading Commission in January 2025. The company has also obtained a MiCA license from Malta, allowing it to operate across all 27 European Union member states.
10% of Gemini's IPO shares are reserved for long-time users, employees, and affiliates. The company's IPO will also include a significant portion of shares for retail traders, available through platforms like Robinhood, SoFi, and Webull.
Despite reporting a net loss of $282.5 million in the first half of 2025, investor interest remains strong. This is partly due to the confidence major Wall Street firms, such as Goldman Sachs and Citigroup, have shown in Gemini's public market prospects, serving as lead underwriters for the offering.
If successful, Gemini's IPO promises to further legitimise the cryptocurrency industry and attract more institutional investors, potentially driving the growth of the digital asset market.
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