Crypto exchange Gemini eyes $2.22B IPO as Winklevoss twins return to Wall Street

Gemini, the cryptocurrency exchange startup founded by Cameron and Tyler Winklevoss, is gearing up for Wall Street. The company filed for a U.S. initial public offering with a target valuation of up to $2.22 billion, marking one of the biggest public moves by a digital asset platform since Coinbase’s debut.

The New York-based exchange plans to sell 16.67 million shares at $17 to $19 each, raising as much as $317 million at the top of the range. The offering would land Gemini on the Nasdaq under the ticker “GEMI,” with Goldman Sachs and Citigroup leading the books, Reuters reported.

Gemini Seeks $2.22B Valuation in Nasdaq Debut, Following Coinbase and Bullish

The timing is no accident. U.S. IPO activity is heating up again after a long lull, as strong first-day pops from companies like digital bank Chime Financial and Firefly Aerospace have sparked fresh investor appetite. Gemini’s listing would make it the third publicly traded crypto exchange, following Coinbase and Bullish, the latter of which had a blockbuster debut earlier this year. Just last month, Peter Thiel-backed Bullish filed for an upsized $4.82 billion IPO, with plans to convert a chunk of the proceeds into stablecoins.

Digital assets are steadily weaving their way deeper into mainstream finance. Regulators approved spot bitcoin ETFs last year, a milestone that helped drive broader adoption. Coinbase, once viewed as the industry’s lone public player, is now a member of the S&P 500—a signal of how far crypto has come in institutional recognition.

For the Winklevoss twins, the IPO marks another high-profile chapter. They first grabbed headlines in 2008 with their legal battle against Facebook and Mark Zuckerberg, later turning part of their settlement into early bitcoin investments that earned them the “bitcoin twins” moniker. Their bet on crypto made them some of the first billionaires in the space and set the stage for Gemini’s launch in 2014.

Gemini describes itself as a next-generation exchange where users can buy, sell, store, and earn digital assets, from bitcoin and ether to a range of DeFi tokens. By going public, the company is betting that its blend of mainstream credibility and crypto-native roots can win over both Wall Street and retail investors.