Gemini’s IPO Pricing and Launch Details
Gemini, the cryptocurrency exchange based in the U.S. and established by Tyler and Cameron Winklevoss, has set the price of its initial public offering at $28 per share, surpassing expectations just before trading begins on Friday.
Debuting on the Nasdaq Global Select Market under the ticker symbol “GEMI,” this deal is one of the most highly anticipated launches in the crypto sector this year, driven by strong investor interest, causing the IPO to exceed its initial price range of $17 to $19 per share.
Underwriters and Offering Details
The company and its selling stockholders have also provided underwriters with a 30-day option to acquire up to an additional 758,929 shares for over-allotments, although Gemini itself will not benefit from these secondary sales. The offering is projected to conclude on September 15, pending customary conditions.
Background of Gemini’s Co-Founders
Founded in 2014, the exchange has been a significant entity in the digital assets space. The twin co-founders gained prominence through their legal dispute with Mark Zuckerberg concerning the origins of Facebook and later became early advocates for Bitcoin. Recently, they have also been vocal supporters of Donald Trump during his successful 2024 U.S. presidential campaign.
Financial Performance and Revenue Sources
Gemini continues to rely heavily on trading fees, which accounted for nearly 70% of its revenue totaling $142.2 million last year. Despite an increase in users, losses have surged, reporting a net loss of $158.5 million in 2024 and already $282.5 million in the first half of 2025.
In its IPO filing, the company expressed confidence, noting its “focus on innovation and a long history of firsts in the crypto industry” as justification for believing in its potential for growth.
Political and Regulatory Challenges
However, this optimism is tempered by ongoing political and regulatory challenges. This week, Brian Quintenz, Trump’s nominee to head the Commodity Futures Trading Commission (CFTC), shared screenshots of private Signal messages with the Winklevoss twins.
The regulator had sued the company in 2022 over allegedly misleading statements related to its Bitcoin futures products, a lawsuit Gemini settled this January for $5 million without admitting any wrongdoing.
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In those messages, the twins seemed to question Quintenz’s allegiance regarding their complaints against the regulator, mentioning the possibility of appeals to the president as well.
Subsequently, the White House retracted a scheduled Senate vote on Quintenz’s nomination.
