Gemini Sets IPO Price at $28, Valuing Exchange at $3.3 Billion

Gemini Space Station, the cryptocurrency company founded by Cameron and Tyler Winklevoss, has priced its initial public offering at $28 per share, according to Bloomberg. This pricing places the company's valuation at $3.3 billion.

The company capped the offering value at $425 million, selling 15.2 million shares, indicating high demand for the crypto company, which initially marketed 16.67 million shares. Earlier this week, the proposed price range was increased from $17 to $19 per share.

A Gemini spokesperson could not confirm the report. The company and its selling stockholders have granted underwriters, led by Goldman Sachs, Citigroup, and Morgan Stanley, a 30-day option to sell an additional 452,807 and 380,526 shares, respectively. Gemini stock will trade on Nasdaq under the ticker symbol "GEMI."

Up to 30% of the offered shares will be reserved for retail investors through platforms such as Robinhood, SoFi, Hong Kong-based Futu Securities, Singapore's Moomoo Financial, Webull, and others. Gemini, primarily operating as a cryptocurrency exchange, was founded by the Winklevoss brothers in 2014 and holds over $21 billion in assets on its platform as of the end of July.

Initial trading will provide the market with insight into the sustainability of the crypto IPO trend. While Circle Internet and Bullish have had successful listings, there has been a recent consolidation in blue-chip cryptocurrency prices like bitcoin and ether. In contrast to these companies' profitability, Gemini has reported widening losses, particularly in 2025. According to its registration with the Securities and Exchange Commission, Gemini posted a net loss of $159 million in 2024, and in the first half of this year, it lost $283 million.

This week, Gemini received significant institutional confidence when Nasdaq announced a strategic investment of $50 million in the crypto company. Nasdaq aims to offer its clients access to Gemini's custodial services and gain a distribution partner for its trade management system known as Calypso.

Gemini also offers a crypto-backed credit card and recently launched another card in partnership with Ripple. The latter saw more than 30,000 credit card sign-ups in August, a new monthly high that more than doubled the number of sign-ups from the previous month.