Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has increased its IPO size to $433 million, aiming for a valuation exceeding $3 billion. According to an updated SEC prospectus filed Tuesday, the company will sell 16.67 million shares priced between $24 and $26, compared with an earlier $17–$19 range.
The upsized IPO reflects strong investor interest in crypto-related equities, especially as Wall Street grows more receptive to digital asset companies. Nasdaq has also committed to purchasing 2.11 million shares in a $50 million private placement.
Gemini reported revenues of $68.6 million for the first half of 2025, a slight decline from last year, but its net loss ballooned to $282.5 million. Despite that, trading volume surged nearly 50% year-on-year to $24.8 billion.
The IPO, set to debut Friday, adds to the growing wave of crypto firms going public this year. Investor enthusiasm has been supported by the Trump administration’s more favorable stance toward the sector.
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