Gemini Targets $2.22B Valuation In IPO

Gemini, the New York-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is seeking a valuation of up to $2.22 billion through its upcoming U.S. initial public offering. According to its filing, the company plans to sell 16.67 million shares in the price range of $17 to $19, raising as much as $317 million at the top end. Leading banks, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor, are acting as bookrunners.

This move comes as U.S. capital markets warm to crypto-linked companies after years of regulatory uncertainty. Gemini first filed its S-1 with the SEC in June and now follows other crypto players like Circle, eToro, and Bullish in tapping public markets.

Founded in 2014, Gemini has marketed itself as a compliant and regulated platform, appealing to institutional investors wary of offshore risks. However, it has faced scrutiny over its dispute with bankrupt lender Genesis. The IPO represents both a challenge and milestone for the exchange.

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