Exchange

In brief

• Gemini plans to raise up to $317 million in its IPO at a valuation of roughly $2.3 billion, with shares expected to price between $17 and $19 and trade under the ticker GEMI.
• The offering follows blockbuster crypto listings from Circle and Bullish, whose valuations soared after their debuts.
• Co-founders Cameron and Tyler Winklevoss, close allies of President Trump, have used their political ties as Gemini positions itself as one of the most prominent U.S. crypto exchanges.

Gemini announced Tuesday that it intends to raise up to $317 million via its much anticipated public offering—a raise that would value the company at almost $2.3 billion.  

The crypto exchange, co-founded by Cameron and Tyler Winklevoss, will target an initial stock price between $17 and $19 a share, the company said. The IPO will consist of roughly 16.6 million shares of Class A stock. 

The company has yet to announce the exact date of its Wall Street debut under the ticker GEMI—but based on the details featured in today’s announcement, it is likely to be soon. 



Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will be lead underwriters on the offering. 

Gemini initially filed to go public with the SEC earlier this summer, following the smash success IPO of stablecoin issuer Circle.

Amid excitement about the crypto sector’s booming fortunes and favorable regulatory shifts spearheaded by the Trump administration, Circle’s stock price more than quadrupled its initial target within hours of debuting—and has largely kept steady since then.

Last month, crypto exchange Bullish fared similarly during its IPO, more than tripling its target stock price on the first day of trading, and surging its valuation to over $12 billion.

Gemini will look to capitalize on what appears to be a positive association with crypto firms on Wall Street. The company is not only one of America’s more prominent crypto exchanges—but also one with particularly close ties to President Donald Trump and the White House.

The Winklevoss twins were some of the only crypto executives to vocally back the president in the run-up to the 2024 election. Shortly after Trump retook office, his SEC filed to pause its yearslong lawsuit against Gemini over its crypto lending program.

Last month, the Winklevosses announced a $21 million pro-crypto PAC explicitly created to defeat Democrats in the upcoming 2026 midterm election. The brothers have also been prominently featured at crypto-related White House events this year, including March’s crypto summit and the signing of the stablecoin-focused GENIUS Act in July.

“These are two smart, handsome guys,” Trump remarked of the brothers, who were seated in the front row at the GENIUS Act signing ceremony this summer. “They got the look, they’ve got the genius, got plenty of cash, and it’s great that you’re on our side.”

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