Gemini IPO is targeting a $3B valuation as Nasdaq invests $50M ahead of its listing. Here’s how fierce the competition has become for firms.
Gemini’s IPO is aiming for a $3 billion valuation as it prepares for its public debut. The exchange, founded by Cameron and Tyler Winklevoss, recently increased its offering to $433 million after raising the share price guidance to between $24 and $26.
This is up from an earlier $17 to $19.
The exchange is planning to sell 16.67 million shares, and is targeting a market value of up to $3.08 billion.
Nasdaq’s $50M Commitment
Nasdaq confirmed that it will purchase 2.11 million Gemini shares in a $50 million private placement. Beyond capital, the partnership gives Gemini access to Nasdaq’s Calypso trade management system while Nasdaq integrates Gemini’s custodial and staking services into its own suite.
JUST IN: 📈Gemini boosts IPO price range to $24-$26 per share, targeting a $3.08 billion valuation, as investor interest surges in the crypto space ahead of its Nasdaq debut. pic.twitter.com/GltVfjm2XV
— Bitcoin.com News (@BTCTN) September 9, 2025
This deal shows just how close Wall Street has been coming to crypto and DeFi lately. Nasdaq also filed a proposal with the U.S. Securities and Exchange Commission (SEC) to allow tokenised securities trading, which, if approved, would strengthen the case for Gemini’s custodial services.
From Compliance Fines to Compliance Focus
Gemini’s journey has included setbacks. Last year, for example, the New York State Department of Financial Services fined the exchange $37 million for compliance failures.
Since then, Gemini has rebranded itself as a compliance-first exchange.
It now holds FedRAMP High Authorisation, which allows it to serve U.S. federal agencies. It also maintains ISO/IEC 27001 certification for information security.
The exchange complies with GDPR standards in Europe and gives enterprise clients more control over data.
These measures are setting Gemini up as a platform that is focused on regulatory credibility.
This is especially important in a time when compliance has become a deciding factor for which company (or crypto) gets institutional adoption.
There Are Still A Few Financial Challenges
Over the first half of this year, Gemini reported revenue of $68.61 million. This report was down $5.71 million from the prior year, and its net loss widened to $282.5 million from $41.4 million a year earlier.
Trading volume rose to $24.8 billion during the same period, which is almost 50% higher than the year before.
This growth shows investor activity, but also shows the difficulty of holding profits in a sector that is heavily influenced by market cycles.
Competitive Environment for Crypto IPOs
Gemini IPO comes after several high-profile listings. Coinbase entered the S&P 500 earlier this year. Bullish and Circle both posted strong gains on their listing days, with Circle shares surging 167% and Bullish stock rising 218%.
Kraken is also exploring a $500 million raise at a $15 billion valuation.
When combined, these listings mean that the institutional aspect of crypto exchanges is heating up, and competition could be fierce.
Gemini IPO Partnerships Boost Retail Access
Gemini has partnered with brokerage platforms like Robinhood, Webull, Moomoo and SoFi Invest to make the IPO more widely accessible. This retail reach could increase demand and diversify its investor base.
The exchange’s ticker symbol ($GEMI) will launch on Nasdaq, and make Gemini the third publicly traded crypto exchange after Coinbase and Bullish.
