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The Gemini IPO is set to make headlines on Friday as the U.S.-based crypto exchange, founded by Cameron and Tyler Winklevoss, increases its targeted valuation to more than $3 billion. According to an updated filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Gemini boosted its share price range to between $24 and $26, up from its earlier guidance of $17 to $19.
The company will still offer around 16.67 million shares, but at the higher range, the raise is expected to total $433 million which went up from $317 million in its initial filing on Sept. 2. The upsizing of the Gemini IPO reflects strong appetite from institutional and retail investors for exposure to crypto-related equities.
“Raising the price range suggests demand has been stronger than expected,” said Emily Carter, senior analyst at Fairview Research. “This tells us investors are willing to bet on crypto exchanges even in a volatile market environment.”
Gemini’s debut is being bolstered by Nasdaq itself, which has agreed to purchase 2.11 million shares in a $50 million private placement. The involvement of the exchange operator provides a significant vote of confidence in Gemini’s prospects as it enters the public markets.
Despite reporting challenges in its financial performance, Gemini’s trading activity has strengthened. The firm’s latest filing showed revenue of $68.61 million for the six months ending June 30, down by $5.71 million from the same period last year. However, trading volumes surged nearly 50% year-on-year to $24.8 billion, underscoring heightened market activity on the platform.
At the same time, Gemini reported a widening net loss of $282.47 million compared with $41.37 million a year earlier. Still, analysts argue that public investors may prioritize growth potential over short-term losses in the upcoming Gemini IPO.
“Nasdaq’s direct participation is unusual and highlights the strategic importance of exchanges like Gemini,” — David Kim, Partner at Global Markets Advisory. “Despite the losses, higher trading volumes and brand recognition position Gemini for long-term competitiveness.”
The Gemini IPO comes during a broader wave of crypto companies going public in 2025, fueled by improving sentiment in U.S. markets under the Trump administration’s friendlier stance toward digital assets.
Stablecoin issuer Circle, which listed on the New York Stock Exchange earlier this year, saw shares surge 167% on debut, briefly hitting $298 before closing at $118.10. Meanwhile, Bullish, a crypto exchange and media firm, gained 218% on its listing day.
In May, Coinbase made history by becoming the first crypto company added to the S&P 500 index. Kraken, another leading exchange, is reportedly preparing to raise $500 million at a $15 billion valuation.
“The Gemini IPO is part of a wave showing crypto is no longer on the fringes of finance,” said Laura Chen, Head of Research at Blockwave Analytics. “Institutional investors are increasingly treating these companies like mainstream financial firms.”
For crypto investors, the Gemini IPO highlights both opportunities and risks. On the one hand, Gemini’s higher valuation and Nasdaq’s backing demonstrate robust institutional interest. On the other, the company’s widening losses underscore the ongoing challenges crypto exchanges face amid regulatory scrutiny and fluctuating trading revenues.
With shares priced at up to $26, Gemini is positioning itself as a test case for whether traditional investors will continue to reward crypto firms with premium valuations. Market performance in its first weeks of trading may also serve as a barometer for upcoming listings, including Kraken’s expected fundraise.
As Gemini prepares to ring the opening bell, all eyes will be on whether the Gemini IPO delivers on its ambitious valuation and how Wall Street responds to yet another crypto player stepping onto the public stage.
Ultimately, the Gemini IPO could shape investor sentiment for the broader sector, signaling whether public markets are ready to embrace crypto exchanges as long-term growth stories or whether skepticism about profitability and regulation will temper enthusiasm.
