Gemini IPO May Increase Investor Exposure to Bitcoin, GEMI Listing Could Value Exchange Above $3 Billion

• Offer: ~16.67M GEMI shares priced $24–$26, potential proceeds ≈ $433M.

• Oversubscribed reportedly up to 20x; underwriters set aside ~10% for a directed share program.

• 2024 revenue $142.2M with a net loss of $158.5M; H1 2025 revenue $68.6M and net loss $282.5M.

Gemini IPO: GEMI shares priced $24–$26, offering exposure to the exchange; learn price, supply, and what investors should watch. Read now.

What is the Gemini IPO?

Gemini IPO is the public offering of GEMI shares by the New York-based crypto exchange Gemini, enabling public market investors to buy equity in the firm. The IPO lists more than 16 million shares at a proposed $24–$26 price range and could value the company above $3 billion.

How much is Gemini raising and how many shares are available?

Gemini plans to offer roughly 16.67 million GEMI shares in the IPO in a $24–$26 price window, which implies potential gross proceeds of about $400–$433 million. Underwriters were asked to reserve ~10% (≈1.67M shares) for a directed share program available to select parties.

What do the company finances show?

Gemini reported $142.2 million in revenue for 2024 with a net loss of $158.5 million. In H1 2025, revenue totaled $68.6 million with a net loss of $282.5 million. Trading fees accounted for nearly 70% of revenue in 2024 and roughly 65.5% through H1 2025.

How is the Gemini IPO priced relative to recent crypto listings?

Gemini’s price range follows an upsized IPO approach similar to stablecoin issuer Circle and other recent crypto listings. Circle notably outperformed many tech IPOs on its first trading day, while issuers such as Bullish and Figure also saw strong market debuts, indicating robust investor appetite for select crypto public offerings.

How to evaluate a crypto exchange IPO?

1. Review revenue mix: prioritize exchanges with diversified revenue beyond trading fees.
2. Check profitability trends: compare net income and cash flow across recent quarters.
3. Assess user metrics: monthly transacting users and average daily trading volume are key KPIs.
4. Understand governance: examine founder influence, board independence, and related-party risks.
5. Consider market comparables: compare valuations to recent crypto IPOs like Circle, Bullish, and Figure.

Frequently Asked Questions

Will Gemini’s IPO valuation top $3 billion?

Based on the upper end of the $24–$26 price range and the offered share count, Gemini could surpass a $3 billion initial valuation if market demand holds through pricing and allocation.

Is the Gemini offering oversubscribed?

Reports indicate the offering was heavily subscribed, with third-party coverage noting demand as high as 20x; that suggests strong institutional interest relative to the share supply.

Key Takeaways

• Offer size & pricing: ~16.67M GEMI shares at $24–$26, potential proceeds ≈ $433M.
• Financial snapshot: 2024 revenue $142.2M with a net loss; H1 2025 revenue $68.6M and larger net loss.
• Investor focus: Watch user growth metrics, product expansion plans, and use of IPO proceeds for international and derivative offerings.

Conclusion

Gemini’s public listing brings a major crypto exchange into the public markets, offering investors direct exposure via GEMI shares. The IPO’s oversubscription, price range, and the firm’s focus on product expansion position Gemini alongside recent high-profile crypto IPOs such as Circle, Bullish, and Figure. Investors should weigh growth prospects against recent net losses and monitor user and trading-volume metrics as key success indicators. For ongoing coverage and updates, COINOTAG will publish timely reporting and analysis.

Published: 2025-09-11 · Updated: 2025-09-11 · Author: COINOTAG