Gemini Targets $2.1 Billion Valuation in IPO

Cryptocurrency exchange Gemini aims to raise up to $316.7 million when it goes public.

The company, headed by the billionaire Winklevoss twins, Cameron and Tyler, plans to market 16.7 million shares for $17 to $19 each in its initial public offering (IPO), it said in a Tuesday (Sept. 2) filing with the Securities and Exchange Commission.

This would give Gemini a market value of a bit more than $2.2 billion, based on the 116.7 million outstanding shares listed in the filing.

Gemini’s IPO marks the latest in a string of listings by crypto companies amid the industry’s ongoing movement into the mainstream. Many of these listings have been successful.

For example, crypto exchange Bullish rose by 83% upon its listing in August, and Circle, issuer of the USDC stablecoin, saw its stock jump 168% on the first day it went public in June.

“With Circle’s entry into the public market, a new chapter looks set to begin,” PYMNTS wrote June 5. “With blue-chip banks underwriting the deal and retail investors clamoring for shares, the traditional finance world appears more open than ever to embracing digital assets. Or, at least, the potentially regulated and transparent kind of digital assets.”

Gemini announced plans to go public last month, while also revealing in an SEC filing that it saw net losses of $282.5 million and revenues of $67.9 million for the first six months of 2025. That’s compared to a $41.1 million net loss and revenues of $73.5 million during the first half of last year.

The second week of September could be one of the busiest for IPOs in four years. Aside from Gemini, digital payments firm Klarna announced its IPO Tuesday, and several other companies could begin marketing their listings.

Other possibilities include blockchain-finance firm Figure Technology Solutions, HVAC engineering contractor Legence, Black Rock Coffee Bar and public transportation software firm Via Transportation.

This summer also saw reports that investment banks Evercore and Stifel Financial anticipated IPOs to pick up in the second half of the year, with greater market activity driven by reduced volatility and an easing of regulations by the White House.

During earnings calls, Evercore Chairman and CEO John Weinberg said, “We expect these positive trends to continue as we enter the second half,” while Stifel Financial CEO Ron Kruszewski said the company is “seeing early signs of a broader IPO recovery.”