Gemini Sets IPO Price, Valuing the Exchange at $3.3 Billion

Gemini Space Station, the crypto exchange launched by Cameron and Tyler Winklevoss, has set its initial public offering (IPO) price at $28 per share, which took place late Thursday.

An insider connected to the IPO revealed that the shares were set at a price higher than the initial $24 to $26 range, placing the company's valuation at $3.3 billion.

Originally aiming to raise $425 million, Gemini sold 15.2 million shares, signaling high interest. Initially, the company had planned to offer 16.67 million shares and had previously increased their forecast price range from $17 to $19 per share.

A representative from Gemini declined to verify these details.

Through an arrangement with underwriters such as Goldman Sachs, Citigroup, and Morgan Stanley, the company and its shareholders permitted a 30-day option to sell an added total of over 833,000 shares, based on the documentation provided. "GEMI" will be the ticker symbol for the shares as they debut on Nasdaq.

A portion of the shares, up to 30%, will be available to individual investors via various platforms like the Hong Kong-based Futu Securities, Singapore's Moomoo Financial, and Webull.

Founded in 2014, Gemini is a prominent cryptocurrency exchange established by the Winklevoss twins. As of the end of July, the platform manages assets exceeding $21 billion.

The initial trading of Gemini's stock will inform the market's perception of sustainability in the crypto IPO market. Previous successful listings by others contrast with recent consolidations seen in the values of top cryptocurrencies such as bitcoin and ether. Additionally, while some other companies are enjoying profits, Gemini has experienced growing financial losses, notably in 2025. In filings with the Securities and Exchange Commission, Gemini reported a net loss of $159 million in 2024 and a $283 million loss during the first six months of this year.

Nonetheless, institutional confidence in Gemini strengthened when it received a substantial $50 million investment from an entity interested in Gemini's custody services for its clients. Furthermore, Nasdaq is aiming for a partnership to access Gemini's custodial capabilities and extend their trading management systems through Calypso.

Aside from their principal operations, Gemini offers a crypto-secured credit card. In collaboration with Ripple, a recent launch resulted in over 30,000 sign-ups in August, marking a new monthly record, which was more than double the preceding month's figures, according to their SEC registrations.