Gemini Crypto Exchange Files for $317 Million IPO in 2025
In a significant move for the cryptocurrency industry, the Gemini crypto exchange, founded by the Winklevoss brothers, has filed for an initial public offering (IPO) seeking to raise up to $317 million. This filing marks Gemini’s transition into an “emerging growth company,” aligning with current regulations that offer reduced reporting requirements for newly public entities.
The company submitted its Form S-1 to the U.S. Securities and Exchange Commission (SEC) on a recent Tuesday, proposing to sell approximately 16.67 million shares of Class A common stock. The anticipated price range for these shares is between $17 and $19, positioning Gemini to achieve a valuation of up to $2.22 billion upon completion of the IPO.
Gemini’s IPO is notable not only for its financial implications but also for the caliber of financial institutions participating in the process. Leading firms such as Goldman Sachs, Citigroup, and Morgan Stanley are serving as lead bookrunners. Additional support is provided by Evercore ISI, Mizuho, Truist Securities, and several others, highlighting the robust interest in Gemini’s market entry.
As part of the IPO structure, Gemini and its selling stockholders have offered underwriters an option to purchase an additional 2.4 million shares and 103,652 shares of Class A common stock at the IPO price within 30 days from the filing date. It is important to note that the company will not receive any proceeds from the sale of shares by the selling stockholders if this option is exercised.
“We will not receive any proceeds from the sale of shares by the selling stockholders upon such exercise,”
In its filing, Gemini emphasized its classification as an “emerging growth company” under U.S. federal securities laws, which allows for certain exemptions from comprehensive public company reporting. Notably, this includes presenting only two years of audited financial statements and omitting detailed discussions on executive compensation, among other reporting reliefs.
This IPO filing follows a confidential draft registration statement that Gemini submitted in June, which allowed the company to prepare for its IPO without publicly disclosing sensitive information initially. This strategic move occurred shortly after Circle, the issuer of the USDC stablecoin, began trading on the New York Stock Exchange, reflecting the growing momentum in the cryptocurrency sector.
As 2025 unfolds, the interest in cryptocurrency exchanges continues to gain traction, with Gemini’s IPO poised to become a key event in the financial landscape. The ongoing evolution of the crypto industry and the increasing acceptance of digital assets in mainstream finance suggest that Gemini’s public offering could pave the way for further advancements in this rapidly changing market.
For more details on this development, refer to the original report by Cointelegraph.
