^{Tyler Winklevoss and Cameron Winklevoss (L-R), creators of crypto exchange Gemini Trust Co., on stage at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood in Miami, Florida, on June 4, 2021.}

^{Joe Raedle | Getty Images}

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Gemini Sets Price and Share Details

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has priced its initial public offering (IPO) at $28 per share, significantly above the company’s initial target of $17–$19 per share. The pricing, confirmed late Thursday, values the company at approximately $3.3 billion and reflects strong investor demand.

The IPO sold 15.2 million shares, slightly below the 16.67 million shares initially marketed, capping the total offering value at $425 million. Underwriters, including Goldman Sachs, Citigroup, and Morgan Stanley, have been granted a 30-day option to sell an additional 452,807 and 380,526 shares, respectively.

Gemini stock will trade on the Nasdaq under the ticker symbol “GEMI,” with up to 30% of shares reserved for retail investors through platforms like Robinhood, SoFi, Futu Securities, Moomoo Financial, and Webull.

Strong Institutional and Retail Interest

The IPO comes as a sign of confidence from both institutional and retail investors. Nasdaq has committed a $50 million strategic investment, aiming to provide its clients with access to Gemini’s custodial services and strengthen distribution through its trade management system, Calypso.

Retail engagement also shows promise. Gemini’s recently launched crypto-backed credit card, in partnership with Ripple, achieved over 30,000 sign-ups in August — more than double the previous month’s total, highlighting growing consumer interest in crypto-based financial products.

Financial Performance and Market Context

Despite the strong IPO demand, Gemini has reported widening losses. According to its SEC filings, the exchange posted a net loss of $159 million in 2024, followed by $283 million in the first half of 2025.

The IPO will provide the market with a clearer view of investor appetite for crypto-focused companies, especially as blue-chip cryptocurrencies such as Bitcoin and Ether have experienced recent price consolidations. While other crypto listings, like Circle Internet and Bullish, saw early successes, Gemini faces scrutiny on how it can sustain growth and profitability amid volatile market conditions.

Company Overview and Strategic Moves

Founded in 2014, Gemini manages more than $21 billion in assets on its platform as of July 2025. Beyond its core exchange services, the company has expanded into financial products, including its credit card partnerships and custodial solutions, aiming to diversify revenue streams.

The IPO represents a pivotal moment for Gemini, marking its transition from a privately held crypto exchange into a publicly traded company and setting the stage for its broader ambitions in institutional and retail crypto services.

With high institutional backing and strong retail interest, Gemini’s debut will be closely watched as a bellwether for the evolving cryptocurrency IPO market.