Gemini Files for $2.2B IPO

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has officially filed for an initial public offering (IPO), targeting a valuation of up to $2.22 billion. The filing reveals that Gemini Space Station plans to list on the Nasdaq Global Select Market, offering 16.67 million shares priced between $17 and $19 each. If fully subscribed, the sale could raise as much as $317 million.

Founded in 2014, Gemini has grown into a well-known player in the crypto industry, though it continues to face challenges. For the six months ending June 30, the company reported a net loss of $282.5 million on revenues of $67.9 million. Despite financial struggles, the IPO would mark a significant milestone, making Gemini the third major crypto exchange to go public after Coinbase and Bullish. Notably, Bullish shares more than doubled on their NYSE debut earlier this year, underscoring investor appetite for crypto-focused firms.

Gemini’s journey to this point has been turbulent. In January 2024, the U.S. Commodity Futures Trading Commission (CFTC) fined the firm $5 million for making “false and misleading statements.” A month later, Gemini returned $1.1 billion to customers impacted by losses tied to its failed partnership with Genesis. These events weighed heavily on its reputation but did not deter the firm from pushing ahead with ambitious growth plans.

If the IPO succeeds, it could provide Gemini with fresh capital to strengthen its competitive position in a market increasingly dominated by Coinbase, Binance, and other global platforms. For the Winklevoss twins, the listing represents not only a financial milestone but also a strategic opportunity to secure Gemini’s role as a long-term player in the evolving digital asset economy.

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