Wed, Sep 3, 2025, 3:34 PM 4 min read
The Gemini crypto exchange filed an S-1 form with the Securities and Exchange Commission (SEC) on Sep. 2 to launch its initial public offering (IPO).
As reported earlier, the exchange plans to raise as much as $317 million by selling 16.67 million shares at the price range of $17-$19 at a valuation of up to $2.22 billion.
Related: What is Crypto? Cryptocurrency explained
Jacob Zuller, an analyst at the global investment research firm Third Bridge, thinks Gemini nailed its IPO timing. He told TheStreet Roundtable, “Gemini has chosen the perfect time to capitalize on the favorable environment, following the recent success of the Bullish IPO and regulatory shifts from a pro-crypto administration.”
Zuller added:
“For Gemini, the IPO is both a bid to raise capital for expansion and an effort to clean up its balance sheet.”
Third Bridge experts expect Gemini’s trading volumes to rise due to institutional adoption, the majority of the exchange’s clients, but underline “reputational concerns” around its Earn program could lead to challenges in attracting net new accounts, added Zuller.
“Investors will be watching the company’s growth story to judge its valuation, whether it focuses on Europe with tokenized stocks and its MiCA license, or a bigger push in marketing in the US.”
The crypto exchange was founded in 2014 by the Winklevoss twins, who were famously involved in a legal battle with Mark Zuckerberg over Facebook, now part of Meta Platforms (Nasdaq: META).
The dispute was settled for $65 million, and the twins invested part of the settlement in Bitcoin in 2012. The investment turned them into the world’s first crypto billionaires and earned them the moniker “Bitcoin twins.” In 2014, they founded Gemini, which is now hoping to go public after more than a decade, though the duo considered the move even in 2021.
Gemini collaborated with the crypto lending platform Genesis Global Capital in February 2021 to launch the Gemini Earn program that let users deposit crypto funds to be lent to other investors in return for a high interest rate.
However, Genesis was forced to halt withdrawals amid the crypto crisis in November 2022 as it held $900 million worth of assets belonging to nearly 340,000 Gemini Earn users at the time — this is when Sam Bankman-Fried’s FTX crypto exchange also collapsed.
-
Crypto firm which just filed for IPO won’t shut down
-
Meta’s new payment proposal sends stock reeling
-
Bitcoin billionaire who sued Mark Zuckerberg has blunt advice for students
