Gemini Lifts IPO Price Range to $26, Eyes $3.1B Valuation in SEC Filing
, the cryptocurrency platform founded by the Winklevoss brothers, announced in a recent filing that it is raising its IPO price range.
The platform will now offer its Class A stock at $24 to $26 per share, up from the previously announced $17 to $19 per share.
With this revision, Gemini aims to raise $433.3 million by tradeing 16.7 million shares, giving the company a valuation of $3.1 billion. Its prior IPO valuation stood at $2.22 billion, as earlier .
“Based on the initial public offering price of $25 per share (the midpoint of the estimated range set forth on the cover page of this prospectus), Nasdaq will purchase 2,116,402 shares of our Class A common stock,” Gemini stated in its filing.
According to Nasdaq, trading will begin on Friday under the ticker symbol GEMI.
The company has also entered an agreement with Nasdaq to purchase $50 million worth of its shares through a private placement deal, assisting offset IPO listing costs.
Nasdaq member firms and listed companies, which are clients of the platform, will gain access to Gemini’s crypto custody services. Both parties also plan to share fees generated from trading activities by these clients, though final approval is still pending, with Gemini expected to update investors.
Growing List of Crypto IPOs
Gemini joins a growing number of crypto platforms that have filed for IPOs this year. In June, Circle Internet Financial (CRCL.N), the issuer of stablecoin USDC, went public at $69 per share, pushing its valuation close to $18 billion as its stock surged.
Bullish also saw success in August, raising $1.1 billion.
If GEMI follows a similar trajectory, its valuation could climb significantly above the current $3.1 billion target.
Kraken, the 14-year-old cryptocurrency platform, made a similar move in July when it filed to raise $500 million, targeting a valuation of $15 billion—notably higher than Gemini’s target—with plans to list on the New York Stock platform by 2026.
Meanwhile, Figure Technologies, a crypto lender and stablecoin issuer, raised its share price from $18–$20 for 26 million shares to $20–$22 for 31.5 million shares. The firm now viewks to raise $693 million at a $4.66 billion valuation. While it has yet to go public, analysts remain optimistic about Figure reaching its projected valuation.
Winklevoss Brothers’ Support for Crypto
The Winklevoss twins have remained consistent backers of the crypto market.
Most recently, they supported a European BTC corporation, Treasury BV, which raised $147 million. On the regulatory front, they have also been vocal critic as chair of the Commodity Futures Trading Commission, opposing leadership shifts they view as unfavorable to the industry.
On a broader scale, Gemini continues to expand its global footprint, rolling out services such as a .
