Gemini Exchange Raises IPO Price Range Ahead of Nasdaq Listing

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has increased the price range for its highly anticipated initial public offering (IPO). According to an updated S-1 filing on Tuesday, the company now expects to sell 16.67 million shares between $24 and $26 each, a notable jump from the earlier range of $17 to $19.

At the high end of this new range, Gemini could raise over $430 million, valuing the exchange at around $3.1 billion. The listing is set for Friday on the Nasdaq Global Select Market under the ticker symbol GEMI.

The IPO is being led by top Wall Street banks, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald, underscoring strong institutional interest in the offering. In addition, Nasdaq itself has agreed to purchase $50 million worth of shares in a private placement, matching the IPO price.

Gemini’s decision to move forward with the higher pricing highlights rising investor confidence in crypto-related public offerings, especially under what market participants see as a more favorable regulatory environment in the U.S. The move follows recent listings by rival exchange Bullish (BLSH) and stablecoin issuer Circle (CRCL), as crypto-native companies increasingly turn to public markets for growth capital.

This IPO marks a significant milestone for Gemini, positioning the Winklevoss-led exchange alongside some of the most influential players in the financial sector. With growing mainstream adoption of digital assets, the success of Gemini’s offering could serve as another indicator of Wall Street’s warming stance toward cryptocurrencies.

As the trading debut approaches, investors are closely watching whether Gemini’s bold bet on a higher valuation will pay off in an already volatile market.