Gemini IPO plans accelerated after the crypto exchange raised its IPO share price range to $24–$26 per share, according to a September 9, 2025 SEC filing. The updated filing says Gemini will offer about 16.7 million shares, with a valuation that could top $3 billion at market debut. Founders Tyler and Cameron Winklevoss and underwriters including Goldman Sachs, Cantor, and Morgan Stanley are steering the deal. Gemini’s Nasdaq listing (ticker GEMI) and a separate $50 million secondary sale to Nasdaq add momentum to the offering. This Gemini IPO move signals strong investor appetite for regulated crypto exchanges.
Gemini ipo details
The Gemini IPO filing shows a directed share program that allocates roughly 10% of shares to select investors and employees, a common tool to lock in long-term supporters. The SEC filing dated September 9, 2025 outlines the underwriting syndicate and the planned listing on Nasdaq under GEMI. By setting the IPO price range at $24–$26, Gemini aims for a market valuation of over $3 billion, assuming expected demand and completion of share allocations. Underwriters will price and allocate shares as the IPO date is finalized.
Ipo price range
Raising the IPO price range is a signal that underwriters see strong demand. The revised IPO price range reflects comparable market activity, including recent crypto-related listings such as Circle, and secondary market interest in exchange platforms. If Gemini prices near the top of the range, the company will start with a valuation comfortably above $3 billion. The offering size—about 16.7 million shares—gives the company flexibility to meet investor demand while maintaining ownership structure.
Winklevoss twins plan
Tyler and Cameron Winklevoss have framed the Gemini IPO as a step toward building a crypto “super app” that blends custody, trading, and on-chain financial services. The founders emphasize compliant growth and institutional-grade infrastructure, positioning Gemini to compete with legacy finance players and newer crypto firms. The Gemini IPO will test investor appetite for exchange operators that combine retail reach with enterprise services.
Directed share program
Gemini’s directed share program is intended to allocate about 10% of the IPO shares to employees and select clients, aligning incentives ahead of the public debut. Directed programs can help founders retain talent and reward early supporters, while also signaling commitment to a stable shareholder base for the Gemini IPO. The SEC filing details the terms and timing for these allocations, which underwriters will manage alongside public demand.
Nasdaq secondary sale
In a separate agreement, Gemini plans to sell $50 million of shares to Nasdaq before the public listing, a strategic secondary sale that brings capital and a close market partner into the cap table. That deal complements the broader IPO structure and signals Nasdaq’s direct interest in Gemini’s market presence. The GEMI ticker and the Nasdaq connection are expected to raise visibility for the Gemini IPO among institutional and retail investors.
Market context
The Gemini IPO arrives when demand for regulated crypto infrastructure remains high, with investors keen on firms that marry compliance and product breadth. Comparisons to Circle and other crypto-related listings suggest investor appetite for firms that show clear revenue paths and regulatory clarity. If priced strongly, the Gemini IPO could reset expectations for exchange valuations and accelerate consolidation in the crypto finance space.
Additional background and implications
Final pricing and the official listing date will be announced “as soon as practicable” after regulatory clearances. For investors, the Gemini IPO offers exposure to exchange operations, custody services, and potential future on-chain products. For the industry, a successful Gemini IPO could encourage more exchanges and infrastructure providers to pursue public markets.
Frequently asked questions about Gemini ipo (faq)
Q: what price range did Gemini set for the ipo?
A: Gemini set an IPO price range of $24–$26 per share in its September 9, 2025 SEC filing.
Q: what valuation could Gemini reach at listing?
A: At the raised IPO price range and proposed share count, the Gemini IPO could result in a valuation exceeding $3 billion at debut.
Q: where will Gemini shares trade?
A: Gemini plans to list on Nasdaq under the ticker GEMI.
Q: who are the key underwriters on the deal?
A: The underwriting syndicate includes Goldman Sachs, Cantor, Morgan Stanley, among others, per the SEC filing.
Q: what is the directed share program?
A: The directed share program allocates roughly 10% of IPO shares to employees and select investors to align incentives before the Gemini IPO.
Sources to this article
Gemini LLC, SEC Form S-1 Amendment (filed 9 Sep. 2025); Nasdaq announcement regarding secondary purchase (2025); underwriting prospectus and related SEC filings (2025) — Harvard-style citations.
