Gemini Targets $3B Plus Valuation as IPO Price Range Climbs to $24–26

Gemini, the U.S.-based cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has raised its expected initial public offering (IPO) share price to a range of $24–26, positioning the company for a valuation topping $3 billion when it begins trading on Nasdaq.

According to an SEC filing dated September 9, Gemini plans to offer 16,666,667 common shares of its GEMI stock at the updated range, a notable jump from the earlier $17–19 estimate. The company stated that about 10% of the shares—around 1.67 million—will be set aside for a directed share program targeting select individuals and entities.

The filing also revealed a side deal with Nasdaq Inc., in which Gemini will sell $50 million worth of shares at the IPO price, excluding underwriting discounts and fees. Investment banking heavyweights Goldman Sachs, Cantor, and Morgan Stanley are underwriting the offering, with GEMI shares expected to start trading on Friday.

In a letter attached to the filing, the Winklevoss twins emphasized the broader shift to on-chain finance: “Financial markets are moving on-chain and digital assets are profoundly changing the way we transact and store value. This is the crypto frontier and we are building a super app for it.”

Gemini first disclosed plans to go public in June, following the success of stablecoin issuer Circle’s blockbuster IPO, which saw its share price surge from $24 to $31 and trade halts after a first-day triple. While Gemini hasn’t announced the exact IPO date, it aims to launch “as soon as practicable” after regulatory approval—poised to be one of the crypto industry’s most closely watched listings of the year.