Gemini Raises IPO Target to $433M Amid Strong Investor Demand

Crypto exchange Gemini has increased its IPO target to $433.3 million, revising its share price range upward to $24–$26 from an initial $17–$19. The adjustment follows robust investor interest and a $50 million private placement by Nasdaq Inc., as disclosed in SEC filings. At the higher end of the range, Gemini WOULD achieve a $3.1 billion valuation.

The offering remains capped at 16.7 million shares but is already oversubscribed, according to Bloomberg sources. Nasdaq Inc. will participate via a private placement at the IPO price, pending the deal's closure. Gemini plans to allocate 10% of shares to long-time users, employees, and family, with up to 30% reserved for retail investors through platforms like Robinhood and SoFi.

Founded by the Winklevoss twins in 2014, Gemini offers spot trading, staking, custody, and a USD-backed stablecoin, managing over $18 billion in assets. Financials show widening losses: $282.5 million net loss on $68.6 million revenue in H1 2025, compared to $41.4 million loss on $74.3 million revenue in H1 2024. Goldman Sachs and Citigroup lead the IPO.