- The crypto exchange Gemini is raising the price target for its initial public offering (IPO), now aiming for a valuation of over US$3 billion as it prepares to debut on Friday under the ticker GEMI.
- The company’s revised SEC filing shows it plans to sell 16.67 million shares at a higher price range of US$24 to US$26, up from the original US$17 to US$19, to meet strong investor demand for crypto-linked equities.
- In parallel with its U.S. listing, Gemini has been expanding in Europe, recently securing a MiCA license in Malta and launching products like Gemini Perpetuals, a derivatives platform offering up to 100x leverage.
Gemini, the crypto exchange founded by the Winklevoss brothers, is raising the price target of its initial public offering (IPO), now aiming at a valuation above US$3B (AU$4.5B) ahead of its planned debut on Friday.
The revised SEC filing on Tuesday shows the exchange intends to sell shares at US$24 to US$26 each (AU$36.5, AU$39.5), up from the earlier US$17 to US$19 (AU$25.9, AU$28.9) range. Gemini will still issue around 16.67 million shares but now aims to raise US$433M (AU$659M), compared to the US$317M (AU$482M) targeted in its Sept. 2 filing.
The upsized IPO is to meet the growing investor demand for crypto-linked equities, and according to Nasdaq, Gemini will provide custody and staking services to its clients, while Gemini’s institutional base will gain access to Calypso’s collateral management tools across both traditional and digital assets.
The exchange will trade under ticker GEMI, though final timing remains market-dependent.
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Another Exchange Going Public
If completed, Gemini would become the third U.S.-listed crypto exchange operator, following Coinbase and Bullish. Coinbase this year became the first crypto exchange to join the S&P 500 index. Meanwhile, OKX has reportedly been exploring a potential stock market debut after signaling plans to re-enter the U.S. market.
Other crypto firms have also drawn institutional interest, with Circle and Bullish both attracting significant participation in their fundraising and listing efforts.
In parallel with its U.S. listing plans, Gemini is scaling operations in Europe. In a Sept. 5 update, the firm unveiled products for over 400 million investors across the EU and EEA. These include staking for ETH and SOL, managed through Gemini’s Malta entity under MiCA approval, and the launch of Gemini Perpetuals, a regulated derivatives platform offering up to 100x leverage.
Derivatives will operate under MiFID II rules, placing them within the same regulatory framework that governs traditional financial markets.
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