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Gemini's Raised IPO Range Indicates Strong Demand for New Crypto Stocks

Wed, Sep 10, 2025, 10:38 AM 2 min read

Astrid Stawiarz / Getty Images Twin brothers Cameron Winklevoss, right, and Tyler Winklevoss lead crypto exchange Gemini.

Cameron and Tyler Winklevoss-founded crypto exchange Gemini Space Station boosted its IPO range after Nasdaq agreed to invest $50 million in a private placement.
The company now expects to shop shares in the range of $24 to $26, up from $17 to $19 previously, the latest sign of strong demand for new crypto listings.

The crypto exchange founded by twin brothers Cameron and Tyler Winklevoss looks poised to be the next hot crypto IPO.

Gemini Space Station on Wednesday raised the range at which it expects its initial public offering to $24 to $26; it still plans to offer some 16.7 million shares, indicating a market capitalization over $3 billion at the high end. The boosted price suggests strong demand from investors for the shares and follows a string of successful public debuts that includes industry peers like stablecoin operator Circle (CRCL) and institution-focused digital assets platform Bullish (BLSH).

The original range was estimated at $17 to $19 per share. Gemini Space Station is expected to list on the Nasdaq exchange under the ticker symbol "GEMI."

Earlier this week, Gemini secured a $50 million private investment from another exchange operator, Nasdaq (NDAQ), a regulatory filling shows. Nasdaq agreed to pay a per share price equal to the IPO for Class A stock, less underwriting costs and commissions.

The Winklevoss twins, famous for their role in the social media network once called Facebook, now known as Meta (META), are also earmarking a set of shares for retail investors. The company expects as much as 30% of Class A shares will be offered to individual investors via brokerages including Robinhood (HOOD) and SoFi (SOFI).

Gemini operates one of the better-known crypto exchanges in the U.S. and also has a credit card business. While its trading volume is a fraction of the much larger Coinbase Global (COIN), the company said tokenization and card payments represent "immense untapped potential" for its future growth.