Winklevoss Twins Bet $2.22 Billion on Gemini Exchange IPO Blockbuster

Gemini's billion-dollar gambit hits Wall Street—crypto's favorite twins just upped the ante.

The $2.22 Billion Power Play

Cameron and Tyler Winklevoss pivot from Harvard drama to finance giants—launching one of the largest crypto exchange IPOs in history. Their move signals institutional confidence while traditional bankers scramble to keep up.

Market Impact & Industry Ripples

Gemini’s offering shakes legacy finance structures—bypassing traditional funding routes and cutting out middlemen. The exchange’s regulatory-first approach contrasts sharply with crypto’s wild west reputation, appealing to cautious whales and corporate treasuries alike.

Why This IPO Changes Everything

Forget meme coins and rug pulls—this is crypto growing up. The Winklevoss duo bets big on regulated digital asset infrastructure, pushing Gemini toward mainstream adoption while skeptics mutter about 'overvalued tech déjà vu.'

Finance traditionalists scoff—but then again, they also thought Bitcoin was a fad.

TLDR

• Gemini cryptocurrency exchange seeks $2.22 billion valuation in upcoming U.S. IPO
• Company plans to sell 16.67 million shares at $17-19 per share, aiming to raise $317 million
• Goldman Sachs, Citigroup, Morgan Stanley, and Cantor serve as lead underwriters for the offering
• Gemini reported $142.2 million in revenue for 2024, up from $98.1 million in 2023
• The exchange will trade on Nasdaq under ticker symbol “GEMI” following the listing

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has set its sights on a $2.22 billion valuation through an upcoming initial public offering. The New York-based company filed documents with the Securities and Exchange Commission on Tuesday outlining plans for one of the year’s most watched crypto sector debuts.

The exchange plans to sell 16.67 million shares of Class A common stock at a price range between $17 and $19 per share. If priced at the upper end of this range, Gemini could raise up to $317 million in proceeds from the offering.

Gemini targets a $2.22B valuation in a U.S. IPO, seeking up to $317M at $17–$19 per share.

Third listed U.S. crypto exchange loading. Thoughts? pic.twitter.com/gTyZTnVJmo

— Andres Meneses (@andreswifitv) September 3, 2025

The company will operate under the corporate name Gemini Space Station, Inc., once public. Trading will commence on the Nasdaq Global Select Market using the ticker symbol “GEMI.”

Gemini has secured backing from several Wall Street investment banks for the transaction. Goldman Sachs and Citigroup are serving as lead bookrunners, with Morgan Stanley and Cantor also taking prominent roles in the offering.

The underwriting syndicate extends beyond these major players. Additional bookrunners include Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company, and Rosenblatt.

Co-managers Academy Securities, AmeriVet Securities, and Roberts & Ryan will provide additional support for the deal. The offering includes a standard 30-day option allowing underwriters to purchase up to 2.5 million additional shares to cover over-allotments.

Financial Performance Shows Growth

Recent financial disclosures reveal Gemini’s revenue growth trajectory. The company generated $142.2 million in revenue during 2024, representing a 45% increase from the $98.1 million reported in 2023.

While these figures remain well below Coinbase’s multi-billion-dollar revenue streams, the growth pattern suggests Gemini has captured market share as cryptocurrency trading volumes increased. The revenue jump coincided with rallies in bitcoin and other digital assets throughout 2024.

Gemini first submitted its S-1 registration statement to the SEC in June 2025. The timing reflects improved conditions for cryptocurrency companies seeking public market access after years of regulatory uncertainty.

The Winklevoss brothers launched Gemini in 2014, positioning it as a regulated alternative to offshore cryptocurrency exchanges. This compliance-focused approach has appealed to U.S. institutional investors concerned about regulatory risks associated with unregulated platforms.

Crypto Exchange IPO Market Heats Up

Gemini’s IPO announcement follows other recent public market entries by cryptocurrency companies. Circle Internet Group completed a $1.2 billion IPO in June, selling 19.9 million shares at $31 each and raising $583 million after fees.

Circle’s successful debut and subsequent earnings report, which showed $658 million in total revenue and reserve income, helped validate investor interest in crypto infrastructure companies. The stablecoin issuer’s shares rose 11% in pre-market trading following its first quarterly earnings release.

Trading platforms eToro and Bullish have also accessed U.S. public markets recently. This wave of listings suggests the IPO market has reopened for well-positioned cryptocurrency companies.

Gemini’s offering remains subject to market conditions and regulatory approval. The company has cautioned that timing, size, and final terms could change based on market reception.

The exchange has faced challenges including a dispute with bankrupt crypto lender Genesis that attracted regulatory attention. However, the company’s regulatory compliance focus has helped it maintain operations throughout various crypto market cycles.

Interested investors can obtain offering prospectus documents through Goldman Sachs or Citigroup once the IPO process advances.