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- Gemini raised IPO price range to $24–$26, targeting $3B valuation.
- Nasdaq to invest $50M via private placement.
- Crypto IPO momentum builds with Circle, Bullish, and Coinbase.
Crypto exchange Gemini is raising the stakes ahead of its long-awaited Wall Street debut, boosting the price range of its initial public offering (IPO) to target a valuation of more than $3 billion. The move underscores rising institutional interest in crypto-related equities as the market rebounds.
Gemini Targets Higher Valuation Ahead of IPO
In an updated filing with the U.S. Securities and Exchange Commission on Tuesday, Gemini — founded by Cameron and Tyler Winklevoss — said it will sell shares at $24 to $26, up from its earlier $17 to $19 range.
The exchange still plans to issue 16.67 million shares, aiming to raise around $433 million, compared to its previous target of $317 million. The IPO will launch on Friday, making Gemini one of several crypto firms to test investor appetite this year.
Nasdaq Joins With $50M Private Placement
Adding momentum, Gemini confirmed that Nasdaq will purchase 2.11 million shares in a $50 million private placement. Despite reporting revenue of $68.61 million for the first half of 2025, down $5.71 million from a year earlier, Gemini’s trading volume surged nearly 50% to $24.8 billion.
Losses, however, widened sharply, with the exchange posting a net loss of $282.47 million, up from $41.37 million in the prior-year period.
Crypto IPO Boom Gains Speed
Gemini’s IPO follows a wave of crypto-related listings. Circle surged 167% on its New York Stock Exchange debut, while Bullish soared 218% after its listing. Earlier this year, Coinbase became the first crypto firm to join the S&P 500.
Also Read: Gemini Expands in Europe With ETH & SOL Staking
Meanwhile, Kraken is reportedly seeking to raise $500 million at a $15 billion valuation, suggesting investor demand for digital asset firms remains strong.
Gemini’s upsized IPO reflects the growing appetite for exposure to crypto markets through traditional finance channels. With Nasdaq’s backing and rising volumes, Gemini’s public debut could serve as another milestone in mainstream adoption of digital assets, despite widening losses.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
