The cryptocurrency exchange Gemini has submitted an updated application for its initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC), revising its price range. According to the new calculations, the company aims to raise up to $433 million, with a potential market capitalization reaching $3.1 billion.
This is reported by Business • Media
Updated IPO Parameters for Gemini
Initially, Gemini planned to offer 16.66 million shares at a price range of $17 to $19 each, which would have raised up to $317 million based on a company valuation of $2.2 billion. However, in the new filing, the exchange has increased the price range to $24–$26 per share. If all securities are fully placed, the potential amount raised will exceed $433 million, and the company’s valuation will reach $3.1 billion.
Additionally, underwriters may exercise a buy option, increasing the total number of shares outstanding to 17.1 million. Part of the shares—2.1 million—will be purchased by the Nasdaq platform, which previously announced an investment in Gemini.
Market Debut and Context
Gemini’s debut on the Nasdaq exchange is expected to take place on Friday, September 12, 2025, under the ticker GEMI. This will mark the third instance of a cryptocurrency exchange entering the U.S. stock market, following similar moves by Coinbase and Bullish.
The growing interest in public offerings among cryptocurrency companies in the U.S. can be attributed to the so-called IPO boom in the sector. This trend was initiated by Circle—the issuer of the USDC stablecoin—which successfully conducted its IPO.
“The likely easing of the U.S. Federal Reserve’s policy will only bolster the entry of new companies from the crypto sector into the stock market,” noted Kat Liu, vice president of the research firm IPOX.
Thus, the revision of the price range for Gemini’s IPO reflects not only the company’s ambitions but also the overall dynamics of growing interest in the crypto sector among investors and players in the U.S. capital market.