tl;dr
Gemini, the American cryptocurrency exchange co-founded by the Winklevoss twins, has increased its IPO share price range from $17–19 to $24–26, potentially valuing the company at over $3 billion. The move reflects strong investor demand and aligns with the broader trend of financial markets embrac...
Gemini’s IPO Soars to $24–26 as Crypto Exchange Eyes $3 Billion Valuation
Gemini, the American cryptocurrency exchange co-founded by the Winklevoss twins, has raised its initial public offering (IPO) share price range from $17–19 to $24–26, signaling a bold leap in confidence as it prepares to go public. The move could value the firm at over $3 billion when it debuts on the Nasdaq, marking a significant milestone in the crypto industry’s push toward mainstream acceptance.
In a September 9 filing with the U.S. Securities and Exchange Commission (SEC), Gemini outlined plans to issue 16,666,667 shares of GEMI stock. The revised price range reflects surging investor demand and a broader shift in financial markets toward digital assets, a theme echoed by Tyler and Cameron Winklevoss in a letter attached to the filing. “Financial markets are moving on-chain, and digital assets are profoundly changing the way we transact and store value,” the twins wrote, framing Gemini as a “super app” for the crypto frontier.
The IPO’s timing is no coincidence. Gemini filed its IPO in June, shortly after Circle, the stablecoin issuer, completed a blockbuster $3.5 billion IPO that saw its stock price triple on its first day of trading. Circle, too, had upsized its offering, raising its price range from $24 to $31, a move that mirrors Gemini’s current strategy.
Goldman Sachs, Cantor Fitzgerald, and Morgan Stanley are underwriting Gemini’s IPO, which is expected to begin trading on the Nasdaq as soon as practicable after the filing becomes effective. The exchange has also reserved 10% of its IPO shares—roughly 1.67 million shares—for a “directed share program” targeting select individuals and entities, a common tactic to secure early institutional support.
Adding to the buzz, Gemini has struck a separate deal with Nasdaq Inc. to sell $50 million worth of shares at the IPO price, net of underwriting discounts and commissions. This agreement underscores the exchange’s confidence in its market position and the growing appetite for crypto-related equities.
While the exact IPO date remains pending, Gemini’s aggressive pricing and strategic partnerships suggest the firm is positioning itself as a key player in the evolving landscape of digital finance. With the crypto market’s valuation now exceeding $2 trillion, the Winklevosses’ vision of a “super app” for the crypto frontier may soon become a reality—if investors are willing to bet on it.
What does this mean for the broader market? If Gemini’s IPO follows in Circle’s footsteps, it could signal a new era of legitimacy for crypto firms, one where traditional financial institutions and investors are no longer on the sidelines. But as the Winklevosses remind us, the journey is just beginning.