Winklevoss twins-backed Gemini targets $2.2 billion valuation in US IPO

Gemini is seeking a valuation of up to $2.22 billion in its U.S. initial public offering, the cryptocurrency exchange said on Tuesday, as digital asset platforms capitalize on renewed investor appetite for public market debuts.

The New York-based company, founded by twins Cameron and Tyler Winklevoss in 2014, plans to sell 16.67 million shares at $17 to $19 each, with a target to raise as much as $317 million at the top of the range.

The IPO filing comes as U.S. public offering activity experiences a strong resurgence, fueled by robust market conditions and impressive first-day trading performances that have whetted investor appetite and encouraged more private companies to go public.

Recent debutants, including digital bank Chime Financial CHYM and a space technology firm Firefly Aerospace FFLY, drew robust investor demand on their first day of trading.

Gemini's listing would make it the third publicly traded digital asset exchange, after Bullish BBLSH - which had a blockbuster debut earlier this year - and Coinbase COIN, the largest listed U.S. crypto exchange.

"After Circle and Bullish's successful IPOs, alongside a strong overall market and higher crypto prices, it does feel like an opportune time for crypto-related companies to consider going public," said Bo Pei, analyst at US Tiger Securities.

Digital assets have made steady inroads into mainstream finance, with U.S. regulators approving spot bitcoin ETFs last year and Coinbase joining the benchmark S&P 500 SPX earlier in 2025.

The Winklevoss brothers rose to prominence after settling a 2008 legal dispute with Facebook META and CEO Mark Zuckerberg.

The pair earned the nickname "bitcoin twins" after investing part of their Facebook settlement in bitcoin, making them among the world's first cryptocurrency billionaires.

Gemini expects to list on the Nasdaq under the ticker "GEMI." Goldman Sachs and Citigroup are lead bookrunners on the deal.