Gemini Increases IPO Target to $430M at $3.1B Valuation Amid Strong Demand

Gemini Space Station Inc., the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has raised its IPO fundraising target to $433.3 million following overwhelming investor interest. The revised share price range of $24–$26, up from $17–$19, positions the company for a $3.1 billion valuation at the upper end.

Nasdaq Inc. bolstered confidence in the offering with a $50 million private placement commitment, contingent on the listing's successful close. Despite reporting a $282 million net loss in the first half of 2025, Gemini has reserved 40% of shares for retail traders and platform users, signaling a commitment to broad investor participation.

The oversubscribed offering defies ongoing crypto market volatility, reflecting institutional appetite for regulated digital asset ventures. Gemini's Nasdaq listing marks a milestone for crypto-native firms seeking mainstream capital markets access.