Gemini Exchange Files for $317 Million IPO on Nasdaq

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has filed for an initial public offering seeking to raise $317 million. The Nasdaq-listed debut could value the company at $2.22 billion under the ticker 'GEMI', marking one of the largest crypto IPOs in 2025.

Wall Street heavyweights Goldman Sachs and Citigroup are leading the underwriting, joined by Morgan Stanley and Cantor Fitzgerald. This institutional backing underscores growing mainstream acceptance of crypto enterprises following successful public debuts from Circle and Bullish earlier this year.

The exchange reports robust fundamentals with $18 billion in custody assets and 14.6 million verified users. Revenue grew 45% year-over-year to $142.2 million in 2024, fueled by Bitcoin's resurgence and expanding product offerings including trading, staking, and crypto credit cards.