Gemini, a US-based cryptocurrency exchange founded by Tyler and Cameron Winclevos, is priced at $28 per share at $28 ahead of trading Friday.
Once launched on the Nasdaq Global Select Market under the ticker symbol “Gemi”, the deal was one of the most closely watched debuts in the Crypto sector this year, far surpassing the IPO price of between $17 and $19 per share.
The company and its sales shareholders have given the underwriter a 30-day option to purchase up to 758,929 shares to cover over-allot, although Gemini itself does not receive revenue from these secondary sales. The offering is expected to close on September 15th subject to customary conditions.
Gemini’s looming IPO
Founded in 2014, the exchange has long been a well-known player of digital assets. Twin co-founder first rose to fame through his legal battle with Mark Zuckerberg over Facebook’s origins, and later became faster Bitcoin Evangelist. Most recently, they became the outspoken supporters of Donald Trump in his successful 2024 US presidential election.
Gemini relies heavily on transaction fees, which account for nearly 70% of last year’s revenues. Despite the growing number of users, losses are inflated. It was a net loss of $158.5 million in 2024 and a net loss of $282.5 million in the first half of 2025.
In submitting the IPO, the company projected confidence, citing “the first long history of the crypto industry with a focus on innovation,” as a reason why it believes it will expand its base.
That optimism is mitigated by deepening political and regulatory drama. Trump candidate Brian Kintens released a screenshot of his private signal conversation with the Winklevos Twins this week.
Regulators sued the company in 2022 in a misleading statement related to Bitcoin Futures products. This led Gemini to settle in January for $5 million without admitting fraud.
In the message, the brothers, although they appeared to question Quintz’s loyalty to the regulatory complaints, refers to a potential appeal to the president himself.
The White House later retracted the Senate’s planned vote on Quintenz’s nomination.
