The Next Big Crypto IPO? Everything You Need to Know About Gemini’s Stock Offering

American crypto exchange Gemini is the latest crypto firm taking its company public, enabling investors in traditional financial markets to gain exposure to its business via shares of GEMI. 

Shares in the New York-based firm are expected to begin trading Friday, concluding the IPO process that first began when it filed its intentions with the SEC in June. 

Here’s everything you need to know about the Gemini IPO. 

Price and share availability

More than 16 million shares of GEMI will be offered by the exchange in the price range of $24-26, potentially netting the firm around $433 million in IPO proceeds based on its recent upsized filing. 

Even at that number, which increased from a previously expected share price range of $17-19, Reuters reported that the firm’s offering was oversubscribed by as much as 20 times.

Based on the upper range of the expected share price, Gemini could surpass an initial valuation of $3 billion. 

Though the firm is offering up 16.67 million shares, it requested that underwriters reserve 10% of the supply—or around 1.67 million shares—for sale through a “directed share program,” which will offer them exclusively to select parties. 

What is Gemini?

Gemini is perhaps best known for its co-founders Tyler and Cameron Winklevoss, early Bitcoin and cryptocurrency believers that vocally and financially supported President Donald Trump in his bid to reclaim the presidency in 2024. They also played a key role in the creation of Facebook, as chronicled in the film “The Social Network.”

The firm primarily generates its revenue from trading fees earned via the use of its centralized exchange. According to its IPO filing, nearly 70% of the firm’s revenue was earned in this manner during 2024. Last year, the firm generated $142.2 million in revenue, yet sustained a net income loss of $158.5 million. 



Through the first six months of this year, the firm’s percentage of trading fee revenue dipped to 65.5%, pulling in total revenue of $68.6 million. That puts it on track to finish just below last year’s revenue number. In the same timeframe, the firm generated a net income loss of $282.5 million. 

Despite the sagging income numbers, the firm remains optimistic about its future. Gemini wrote in its filing that based on its “focus on innovation and a long history of firsts in the crypto industry, we believe our products and services can fulfill the needs of our ever-expanding user base, including as traditional financial market participants enter the space.” 

Riding the IPO wave

Gemini’s intentions to go public came shortly after the massively successful IPO of stablecoin issuer, Circle. Like Gemini, Circle upsized its IPO and still more than tripled the offering price on the first day of trading, outperforming public launches from tech giants like Meta and Airbnb in the process. 

Since Circle’s IPO, crypto exchanges like Kraken and Gemini filed their intentions to go public. Crypto exchange Bullish also recently completed its IPO, similarly screaming out of the gate and tripling after hitting the market. American Bitcoin, the BTC mining firm co-founded by Donald Trump Jr. and Eric Trump, also surged after its recent launch.

On Thursday, crypto lender Figure raised more than $787 million in its IPO, ultimately notching a valuation of $5.29 billion. Shares jumped more than 24% from the IPO price once they hit the market for trading. 

Gemini’s future

As barriers to entry for buying and selling cryptocurrency have decreased, centralized exchanges like Gemini and rivals Coinbase and Binance have become increasingly competitive in trying to acquire and maintain users.

Based on its filing, Gemini is hoping to increase both its monthly transacting users and the average daily trading volume of those users. It aims to do so via expanding its product suite, expanding internationally, and growing its derivative offerings—and a big chunk of IPO cash could help it accomplish those goals.