TradingKey – Gemini begins trading tomorrow and is expected to outperform Circle and Bullish as the strongest crypto IPO to date.
On Friday, September 12, cryptocurrency exchange Gemini (ticker: GEMI) will officially debut on Nasdaq, marking the third major crypto IPO of the year. Just weeks ago, Circle (CRCL) and Bullish (BLSH) went public and delivered solid performances.
According to the latest prospectus, Gemini plans to allocate up to 30% of its IPO shares to retail investors. These shares will be made available through popular online brokerages including Robinhood (HOOD), Moomoo, and Webull.
TradingKey – Despite posting a steep net loss in the first half of the year, crypto exchange Gemini has attracted strong investor demand for its IPO.
According to Gemini’s September 10 filing with the U.S. Securities and Exchange Commission (SEC), the company has significantly raised its IPO price range — from $17–$19 per share to $24–$26 — due to oversubscription. The total number of shares offered remains unchanged at 16.7 million.
It’s worth noting that Gemini’s financial performance in H1 2025 was far from stellar. The company reported a net loss of $282.5 million. That figure was partially offset by realized and unrealized gains on crypto assets and receivables, as well as collateralized holdings — suggesting that the elevated IPO pricing may carry valuation risks.
TradingKey – On August 21, crypto exchange Gemini announced it has obtained a Markets in Crypto-Assets (MiCA) license from the Malta Financial Services Authority (MFSA), granting it regulatory approval to operate across all 27 European Union member states. This milestone significantly expands Gemini’s compliance footprint in Europe and adds momentum to its upcoming Nasdaq IPO.
Regulatory Expansion Ahead of Public Listing
Much like Coinbase (COIN), Gemini has long prioritized regulatory compliance. The firm already holds:
With the MiCA license in hand, Gemini can now offer crypto services seamlessly across the EU, aligning with the bloc’s unified digital asset framework.
Global Reach, Selective Access
Gemini currently serves users in over 60 countries and regions, including the UK, EU, Singapore, South Korea, Canada, and Australia. However, not all jurisdictions have granted full licensing. For example, Gemini has not yet obtained a Virtual Asset Service Provider (VASP) license in Hong Kong, though registration and trading are available.
In line with U.S. sanctions policy, Gemini does not provide services to users in Afghanistan, Iran, Iraq, North Korea, Syria, Sudan, Yemen, and Pakistan, all of which are subject to OFAC restrictions.
TradingKey – On Thursday, August 20, Gemini co-founder Tyler Winklevoss announced via social media that he and his brother Cameron Winklevoss had donated over 188 BTC, worth approximately $21 million, to the Digital Freedom Fund PAC. The donation was made to support President Donald Trump’s goal of making the U.S. the global capital of crypto.
Timing Raises Eyebrows
Just days earlier, on August 16, Gemini filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), signaling its intent to go public on the Nasdaq Global Select Market under the ticker GEMI.
The timing of the donation has sparked speculation that the contribution may be aimed at strengthening ties with the Trump administration and smoothing the path for Gemini’s IPO.
Legal but Controversial
While both the donation and the IPO filing are legally compliant, critics have questioned whether the two are strategically linked. Some market observers suggest the donation could be interpreted as a form of political positioning, especially given the PAC’s mission to advance pro-crypto legislation and deregulation efforts.
As of now, neither Gemini nor the Digital Freedom Fund PAC has issued a formal response to the speculation.
TradingKey – On Friday, August 16, crypto exchange Gemini officially filed its S-1 registration with the U.S. Securities and Exchange Commission (SEC), signaling its intent to go public on the Nasdaq Global Select Market under the ticker symbol GEMI.
This move follows the successful IPOs of Circle (CRCL) and Bullish (BLSH), continuing the wave of crypto firms entering public markets.
Underwriters and Offering Details
While Gemini has not yet disclosed the number of shares or pricing range, market estimates suggest the IPO could raise around $400 million, significantly below the $1.1 billion raised by Bullish and $1.2 billion by Circle.
The offering is being led by top-tier investment banks:
Additional joint bookrunners include Evercore ISI, Mizuho, Truist Securities, Cohen & Company, Keefe Bruyette & Woods, Needham & Co., and Rosenblatt Securities.
Gemini’s Global Footprint and Financials
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is a centralized crypto exchange (CEX) headquartered in New York. It currently supports trading for over 80 cryptocurrencies across 60+ countries, including the U.S., UK, Canada, Australia, Hong Kong, Singapore, and South Korea.
According to its IPO filing:
Gemini also operates the Gemini Dollar (GUSD) stablecoin, which has a market cap of $51 million, ranking 33rd among stablecoins globally.
Strategic Moves and Outlook
To navigate regulatory constraints in New York, Gemini plans to split operations between Gemini Trust (NY) and a new Florida-based entity called Moonbase, which will handle staking and other services restricted under BitLicense rules.In July, Gemini secured a $150 million credit line from Ripple, payable in RLUSD stablecoin, to bolster liquidity ahead of its IPO.
If successful, Gemini will become the third publicly traded U.S. crypto exchange, joining Coinbase and Bullish, and further cementing the Trump administration’s push to make the U.S. a global crypto hub.