Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has raised its target valuation ahead of a highly anticipated public offering (IPO) in the United States. 

In an updated S-1 filing with the SEC, Gemini disclosed that it expects its Class A common stock to price per share somewhere between $24 and $26, up from the $17 to $19 targeted pricing previously expected. 

At the high end, the company would be valued at roughly $3.09 billion, a significant rise that shows renewed appetite from investors interested in digital assets.

Offering Details and Nasdaq Strategic Investment

The revised filing details Gemini’s intention to offer 16.67 million shares in the IPO, with the possibility for this to grow to 17.1 million shares in the event the underwriters exercise their option to purchase additional shares. 

The offering could raise a maximum of $433.3 million for the exchange. 

Meanwhile, Gemini said that Nasdaq has committed to purchase $50 million of its Class A common stock in a private placement at the same price as what investors can purchase in the IPO, UnoCrypto reported. 

This is more than just capital; it opens up access to Gemini’s custody, staking, and collateral management for institutional clients. 

Once it is listed, Gemini will trade on Nasdaq under the ticker symbol GEMI.

Also Read: Crypto Exchange Gemini Adds Nike, McDonald’s, Starbucks, Coca-Cola & Yum! Tokenised Stocks In EU

Cryptocurrency Firm IPO Competition

Gemini’s IPO is timely, following the public offering of other cryptocurrency firms. 

Notable IPOs include the crypto exchange Bullish, whose shares more than doubled on its first trading day on the New York Stock Exchange (NYSE), and Circle, which issued the USDC stablecoin, also performed well in its IPO valuation that day. 

In addition to Gemini, company IPOs are also forthcoming from companies such as BitGo, Grayscale, Kraken, and Figure Technology Solutions. 

Figure Technology just raised its IPO price range to $20–$22 per share, with plans to offer up to a total of 31.5 million shares. 

These recent IPO transactions indicate that there is growing institutional interest in crypto-related equities despite the volatility of the market. 

Also Read: Tyler Winklevoss Accuses JPMorgan Of Halting Gemini Onboarding Over His Criticism On The Bank

Profitability Challenges and Regulatory Changes

Gemini IPO may be embraced soon, but entering the public market will challenge it. 

In the S-1 filing, it’s revealed significant losses to date, such as $282.5 million, not including a $75 million credit from Ripple in the first half of 2025, as reported by UnoCrypto. 

This indicates continued pressure on the exchange’s ability to remain profitable while also attempting to capture market share in the sector.

In addition, there was a plan for significant reorganization as the company would move most of its users to a Florida-based entity called Moonbase, while keeping Gemini Trust in the state of New York. 

With increased regulatory scrutiny and competition within the crypto sector, Gemini’s Nasdaq debut will be about whether enthusiasm will overcome questions of financial viability.

Also Read: Gemini Wins MiCA Approval In Malta To Expand Crypto Services Across Europe