Winklevoss-founded crypto exchange Gemini reportedly prices IPO at $28 per share, amid strong demand

Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, has set the price for its initial public offering (IPO) at $28 per share, according to reports from Bloomberg. This pricing exceeds the anticipated range of $24 to $26, leading to a valuation of approximately $3.3 billion for the firm. With a cap on the offering valued at $425 million, the company sold 15.2 million shares in response to robust demand, despite originally planning to market 16.67 million shares. Earlier in the week, Gemini had adjusted its price expectations, raising them from an initial range of $17 to $19. While a spokesperson for the company has not confirmed these details, the IPO has generated significant interest from investors. The underwriters for the offering, which include major financial institutions like Goldman Sachs, Citigroup, and Morgan Stanley, have also been granted a 30-day option to sell additional shares. Trading for Gemini's stock will commence on Nasdaq under the ticker symbol "GEMI." Notably, up to 30% of the shares available will be allocated specifically for retail investors through platforms such as Robinhood, SoFi, and others. Founded in 2014, Gemini has established itself as a major player in the cryptocurrency sector, currently holding over $21 billion in assets on its platform as of late July. As the market anticipates the initial trading performance, the spotlight is on how well Gemini can maintain its position in a fluctuating cryptocurrency landscape. While other companies like Circle Internet and Bullish have seen successful public listings, Gemini faces challenges, including reported losses that have expanded significantly. In its SEC registration, Gemini disclosed a net loss of $159 million in 2024, with a staggering $283 million loss in just the first half of this year. In a promising development, Nasdaq has recently shown confidence in Gemini by committing a strategic investment of $50 million. This partnership is aimed at integrating Gemini's custodial services into Nasdaq's offerings, as well as leveraging Gemini's trade management system. Additionally, Gemini has recently launched a new crypto-backed credit card in collaboration with Ripple, which achieved over 30,000 sign-ups in August alone, marking a record month for the company.