What is Gemini seeking to raise with a $317 million IPO?

• Gemini files for Nasdaq IPO aiming to raise $317 million
• 16.67 million shares at $17–$19 with 2024 revenue of $142.2m
• SEC probe closed and $5m CFTC settlement completed

Gemini is advancing a U.S. initial public offering that could raise up to $317 million and place the company near a $2.22 billion valuation, marking a measured return to public markets for a mid-sized exchange founded in 2014 by Cameron and Tyler Winklevoss. The plan is to list Class A common stock on the Nasdaq Global Select Market under the ticker GEMI, with 16.67 million shares offered at $17 to $19 each and an additional 30-day option for about 2.5 million shares. The move follows a year in which revenue reached $142.2 million, up from $98.1 million, after a broader rally in bitcoin and other digital assets. The filing notes standard conditions around market timing, while recent regulatory steps—including the U.S. Securities and Exchange Commission closing an investigation and a $5 million settlement with the Commodity Futures Trading Commission—reduce near-term uncertainty as Gemini prepares for life as a listed company.

Gemini IPO plan and valuation on Nasdaq

The SEC filing sets out a straightforward structure: Gemini Space Station, Inc. intends to list on the Nasdaq Global Select Market as GEMI, price the deal within a $17 to $19 range, and float 16.67 million shares, with underwriters holding a 30-day option to purchase about 2.5 million more. At the midpoint, proceeds approach the high-$200 million area before fees and any greenshoe exercise, while the top of the range supports the $317 million headline. The implied value near $2.22 billion places the company well below the sector’s largest U.S. exchange, a frame that can help investors parse growth potential versus operating leverage. As with any IPO, final valuation rests on the clearing price and the extent of the overallotment, but the plan gives Gemini a defined path from private ownership to recurring quarterly disclosures and a public float sized for institutional coverage.

Gemini offering mechanics, underwriting, and market context

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor lead the syndicate, joined by other banks with distribution across fintech and exchange coverage lists. This mix sets up broad placement and research support for the aftermarket, while the 30-day option for roughly 2.5 million additional shares offers flexibility to stabilize trading in the early sessions. The timing arrives as crypto companies test renewed appetite in U.S. markets, with listings and moves from Circle, eToro, and Bullish showing that windows are opening in measured fashion. Gemini’s scale positions it for investors who want exposure to a regulated U.S. exchange that is not the category’s largest player, and the filing underscores standard cautions that the transaction may not proceed if market conditions change. The practical focus now turns to roadshow feedback, possible range updates, and the mix of long-only and hedge fund demand that will shape allocations and day-one liquidity.

Gemini financials, regulation, and brand history

Revenue of $142.2 million in 2024 versus $98.1 million the prior year points to higher trading activity during last year’s rally, while reminding investors that transaction volumes can be cycle-sensitive. The brand is rooted in a regulated posture for U.S. customers, a stance that has included hard lessons, such as the dispute with the bankrupt lender Genesis that drew regulatory scrutiny. Recent updates are clearer: earlier this year the SEC closed its investigation into the company, and Gemini settled a $5 million CFTC matter, trimming headline overhang ahead of the offering. Founders Cameron and Tyler Winklevoss remain visible stewards of the platform, which blends exchange and custody services that can anchor relationships with both retail and institutional users. The core investor question, echoed by market commentators, centers on the balance between trading and custody, how the company differentiates on trust and growth, and what it can offer that a larger rival cannot match within days.

Competition, investor lens, and the path to pricing

The competitive field places Gemini against larger venues with deeper liquidity, so the moat will be judged on execution quality, compliance posture, onboarding flow, uptime during volatility, and the breadth of supported assets that fit within U.S. rules. The prospectus will be parsed for the mix of spot trading, custody, and any services revenue that can dampen swings when volumes cool. Underwriting by Goldman Sachs, Citigroup, Morgan Stanley, and Cantor gives the deal institutional reach, yet sustained performance will depend on delivery after listing: consistent product cadence, disciplined expense control, and clear communication on unit economics. From here, investors will watch for updated filings, roadshow color, and eventual earnings that detail user cohorts and retention. If pricing proceeds as planned, the first months will show whether a float sized around 16.67 million shares plus a potential 2.5 million overallotment can support stable trading and a base of holders who track exchanges and data companies across fintech.

Conclusion

Gemini seeks up to $317 million through an offering of 16.67 million shares at $17 to $19 each, with a 30-day option for about 2.5 million additional shares and an implied value near $2.22 billion on the Nasdaq Global Select Market under GEMI. Revenue moved to $142.2 million from $98.1 million, and recent regulatory steps—the SEC closing an investigation and a $5 million CFTC settlement—simplify the backdrop ahead of a potential listing. The next phase turns on execution, investor demand, and how the company balances trading and custody in a field led by a larger competitor.

Disclaimer

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