Gemini has filed for an initial public offering (IPO) in the US, aiming for a valuation of up to USD 2.22 billion and a capital raise of up to USD 317 million.
The company plans to offer 16.67 million Class A shares priced between USD 17 and USD 19 under the ticker GEMI, and will list on the Nasdaq Global Select Market. Goldman Sachs and Citigroup are among the primary underwriters, joined by Morgan Stanley, Cantor Fitzgerald, and other financial institutions. The underwriters also hold an option to purchase an additional 2.5 million shares to cover over-allotments.
Gemini’s S-1 filing marks it as the third US crypto exchange preparing to go public, following Coinbase (2021) and Bullish (mid-2025). The number of US IPOs this August has increased by approximately 86% year-on-year, with 229 listings, and proceeds surging ahead of levels seen in 2022 and 2023.
Industry success stories are fueling renewed investor enthusiasm. Analysts such as Bo Pei of US Tiger Securities note that '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'.
Market environment and regulatory hurdles
The overall US stock market remains near record highs, which, combined with easing geopolitical and trade-policy tensions, has reopened the IPO pipeline for well-prepared firms. Digital-asset firms, in particular, are capitalising on improving regulatory clarity and growing institutional adoption, with spot Bitcoin ETFs approved and Coinbase joining the S&P 500 earlier in 2025.
However, opportunities come with challenges. Regulatory scrutiny of the digital-asset sector remains intense, particularly in the US. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) continue to refine their oversight frameworks, with a particular focus on investor protection, custody rules, and anti-money laundering compliance. While the approval of Bitcoin ETFs was interpreted as a sign of greater regulatory openness, exchanges still face a patchwork of regulations and potential enforcement actions.
Gemini itself has been at the centre of regulatory disputes. In February 2024, the New York Department of Financial Services (NYDFS) announced that the exchange would return at least USD 1.1 billion to customers of its defunct Earn lending program and pay a USD 37 million fine for what regulators described as unsafe and unsound practices. The Earn program, operated in partnership with Genesis Global Capital, collapsed during the crypto market downturn of November 2022. Genesis filed for bankruptcy shortly afterwards, sparking prolonged litigation between Genesis, Gemini, and Genesis’s parent company, Digital Currency Group (DCG).
Since then, Gemini has emphasised its commitment to operating as a fully regulated exchange, highlighting its New York trust licence and efforts to improve compliance frameworks.
