Gemini Raises IPO Target to $433M at $3.1B Valuation After Strong Investor Demand

Gemini Space Station ￰2￱ its initial public offering (IPO) target to $433.3 million after oversubscribed demand prompted a price range increase to $24-$26 per share from the original $17-$19 ￰3￱ to the Bloomberg report , the Winklevoss twins’ crypto exchange achieved a $3.1 billion valuation at the top of the elevated ￰4￱ committed $50 million in a private placement at the IPO price, contingent on successful ￰5￱ investment adds credibility while establishing partnership terms for Gemini’s custody and staking services to reach Nasdaq’s client ￰6￱ IN: Nasdaq to invest $50 million in Bitcoin and crypto exchange Gemini – Reuters ￰7￱ — Bitcoin Magazine (@BitcoinMagazine) September 9, 2025 From Modest Beginnings to Wall Street Darling The company maintains its 16.7 million share offering despite the significant price ￰8￱ Sachs and Citigroup lead the offering as bookrunners, with trading expected on the Nasdaq Global Select Market under the ticker ￰9￱ allocates 20% of IPO shares for long-standing users, management, employees, and retail investors through platforms including Robinhood, SoFi, and ￰10￱ allocation strategy aims to broaden ownership beyond institutional ￰11￱ in 2014 by Cameron and Tyler Winklevoss, Gemini now manages over $18 billion in platform ￰12￱ exchange offers crypto trading, USD-backed stablecoin, digital asset custody, staking services, and crypto rewards credit ￰13￱ IPO follows Circle Internet Group’s successful $1.2 billion public debut in June, which raised $583 million in net ￰14￱ fact, Circle’s strong first quarterly earnings as a public company sent shares up 11% in pre-market ￰15￱ Losses Persist Despite Strong Market Demand Gemini reported $282.5 million net loss on $68.6 million total revenue in the six months ending June ￰16￱ losses increased from $41.4 million on $74.3 million in revenue during the same period last ￰17￱ to the revenue report, the deteriorating financial performance did not affect strong investor demand for the ￰18￱ exchange now even competes with larger global rivals, like Coinbase, Binance, and traditional financial institutions entering crypto services.

However, Gemini positioned itself as an institutionally friendly platform through strict security protocols and regulatory ￰19￱ streams include trading fees, custody services, stablecoin operations, and staking ￰20￱ business model relies heavily on crypto market activity and trading volumes, which fluctuate significantly with market ￰21￱ expenses continue to exceed revenue as the company invests in technology infrastructure, regulatory compliance, and geographic ￰22￱ exchange Gemini has unveiled a new product suite for investors across the European Union and European Economic Area, adding Gemini Staking for Ethereum and Solana alongside Gemini Perpetuals, the exchange’s regulated derivatives … ￰0￱ — ￰23￱ (@cryptonews) September 5, 2025 For instance, the recently announced European launch required substantial regulatory approval processes and operational setup costs.

Gemini’s credit card offering crypto rewards and stablecoin services also provides diversification beyond pure trading revenue. However, these products remain relatively small contributors to overall revenue generation compared to core exchange ￰24￱ Partnership Opens Institutional Gateway The Nasdaq investment establishes a strategic partnership beyond pure financial ￰25￱ will provide custody and staking services on a non-exclusive basis to Nasdaq clients seeking crypto ￰26￱ clients gain access to Gemini’s institutional-grade security protocols, including segregated cold storage and operational ￰27￱ partnership allows traditional finance institutions to access crypto services through established ￰28￱ versa, Gemini’s institutional users also receive access to Nasdaq’s Calypso collateral management platform for traditional and digital ￰29￱ partnership structure follows Nasdaq’s typical investment approach through Nasdaq Ventures for strategic market infrastructure ￰30￱ both parties, the arrangement allows flexibility for institutional clients requiring diverse service ￰31￱ the European expansion, Gemini Perpetuals launched there under MiFID II permissions, offering up to 100x leverage on perpetual futures ￰32￱ derivatives platform allows investors to hedge crypto positions and implement complex trading ￰33￱ also offers cross-collateralization capabilities, which allow clients to use spot balances and staking rewards within integrated ￰34￱ unified platform approach aims to simplify operations for institutional clients managing diverse crypto ￰35￱ companies rush IPO timeline as Wall Street banks reveal $15B pipeline before September, including @Gemini and @Figure . #Crypto #IPO ￰1￱ — ￰36￱ (@cryptonews) August 20, 2025 The IPO timing coincides with renewed momentum in ￰37￱ capital markets after subdued activity in recent ￰38￱ first-day performances for new listings have encouraged private companies to test public market ￰39￱ analysts anticipate, Gemini’s debut could be among the most notable crypto-related offerings since Coinbase’s 2021 public listing, or exhibit a similar Circle’s IPO success.