Gemini Files for IPO on Nasdaq, Seeks $2.2 Billion Valuation Amid Financial Challenges

Gemini Seeks Major Nasdaq IPO

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has officially filed for an Initial Public Offering (IPO) on the Nasdaq under the ticker symbol “GEMI.” The company aims to raise up to $317 million by offering 16.67 million shares priced between $17 and $19 each, targeting a valuation of approximately $2.22 billion.

Context: Third Major U.S. Crypto Exchange to Go Public

This move positions Gemini to become the third major U.S.-based cryptocurrency exchange to go public, following Coinbase and Bullish. Coinbase’s direct listing in April 2021 was a landmark event, with shares closing at $328.28 on the first day, a 31% increase from the reference price. As of September 6, 2025, Coinbase’s stock is trading at $299.07. More recently, Bullish made its public debut on the New York Stock Exchange in August 2025, raising $1.1 billion and achieving an initial valuation of $5.4 billion. Bullish shares opened at $90, peaked at $118, and closed the first day at $68.

U.S. IPO Market Resurgence

Gemini’s IPO comes amid a resurgence in the U.S. IPO market, with several companies launching roadshows post-Labor Day. This renewed activity follows a period of market hesitation due to tariff concerns earlier in the year. Analysts predict that up to 60 IPOs could occur before the year’s end, potentially raising $10 billion.

Financial Disclosures Reveal Challenges

Gemini’s financial disclosures reveal significant challenges. The company reported a net loss of $282.5 million in the first half of 2025, a sharp increase from a $41.4 million loss in the same period of 2024. Revenue also declined, while marketing expenses tripled, and costly debt conversion added to the losses.

Strategic Backing and Regulatory Progress

Despite these financial hurdles, Gemini has secured strategic financial backing, including a $75 million credit facility from Ripple, with the option to extend this to $150 million if needed. The company has also obtained a Markets in Crypto-Assets (MiCA) license from the Malta Financial Services Authority, granting it regulatory approval to operate across all 27 European Union member states.

Bottom Line

The success of Gemini’s IPO will depend on market conditions, investor sentiment, and the company’s ability to address its financial struggles. As the cryptocurrency industry continues to evolve, Gemini’s public debut serves as a closely watched indicator of the sector’s maturity and acceptance within mainstream markets.