Crypto platform Gemini files for Nasdaq IPO

(Sharecast News) - New York-based crypto platform Gemini said on Tuesday that it was seeking a valuation of up to $2.2bn in a US initial public offering. The company, which was founded by Cameron and Tyler Winklevoss in 2014, offers a wide range of crypto products and services for individuals and institutions in over 60 countries.

Gemini said it plans to sell just over 16.6m shares at between $17 and $19 each.

Goldman Sachs, Citigroup, Morgan Stanley and Cantor are acting as lead bookrunners and Gemini said it plans to list on the Nasdaq under the ticker symbol 'GEMI'.

Jacob Zuller, analyst at Third Bridge, said: "Gemini has chosen the perfect time to capitalise on the favourable environment, following the recent success of the Bullish IPO and regulatory shifts from a pro-crypto administration. For Gemini, the IPO is both a bid to raise capital for expansion and an effort to clean up its balance sheet.

"Klarna reported a net loss of $282.5 million in H1 2025, a substantial increase from the $41.4 million loss in the same period in 2024. The struggles stem from declining trading volumes, while competition in credit cards - an area where Gemini had a competitive advantage - is heating up. Third Bridge experts highlight that trading volumes are expected to increase, driven by institutional adoption, which represents the majority of Gemini's client base, but the company could face challenges in attracting net new accounts due to reputational concerns from the Gemini Earn situation.

"Investors will be watching the company's growth story to judge its valuation, whether it focuses on Europe with tokenized stocks and its MiCA license, or a bigger push in marketing in the US."