A Landmark Crypto IPO
Gemini, the U.S.-based cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has officially priced its initial public offering (IPO) at $28 per share, surpassing expectations ahead of its Nasdaq debut under the ticker “GEMI.”
This makes Gemini’s launch one of the most anticipated public listings in the crypto sector in 2025, drawing strong investor interest that pushed its IPO pricing well above the original $17 to $19 range. The deal also includes a 30-day option for underwriters to purchase 758,929 additional shares to cover over-allotments, though Gemini itself will not receive proceeds from those sales.
The IPO is expected to close on September 15, subject to final approvals, and could mark a turning point for investor confidence in digital asset companies entering traditional financial markets.
Gemini’s Road to Wall Street
Founded in 2014, Gemini has steadily built its brand as a regulated and security-focused crypto exchange. The Winklevoss twins, who gained early fame through their legal dispute with Facebook founder Mark Zuckerberg, later became Bitcoin pioneers and advocates for tighter compliance in the digital assets industry.
The exchange has leaned heavily on trading fees, which accounted for nearly 70% of its $142.2 million revenue in 2024. But profitability remains elusive: Gemini posted a $158.5 million net loss in 2024 and has already reported $282.5 million in losses in the first half of 2025.
Despite these setbacks, Gemini argues that its commitment to innovation—including custody services, compliance-first frameworks, and Web3 initiatives—sets the foundation for future growth.
Political and Regulatory Headwinds
Gemini’s IPO comes amid heightened regulatory scrutiny. In 2022, the Commodity Futures Trading Commission (CFTC) accused the exchange of misleading statements tied to its Bitcoin futures products. That case was settled in January 2025 for $5 million without Gemini admitting wrongdoing.
Political drama has added another layer of complexity. Brian Quintenz, Trump’s nominee to chair the CFTC, recently leaked private Signal chats with the Winklevoss twins, casting doubt on regulatory relationships. The controversy led to a stalled Senate confirmation vote, underscoring how Gemini’s operations remain closely tied to U.S. political dynamics.
Gemini vs Coinbase: A Useful Comparison
To better understand Gemini’s IPO, investors often compare it to Coinbase’s historic IPO in 2021. Below is a side-by-side snapshot:
| Metric | Gemini (2025 IPO) | Coinbase (2021 IPO) |
|---|---|---|
| IPO Price | $28 per share | $250 per share |
| Market Debut Exchange | Nasdaq (Ticker: GEMI) | Nasdaq (Ticker: COIN) |
| Initial Valuation | ~$17 billion | ~$85 billion |
| Annual Revenue (Prior Year) | $142.2 million (2024) | $1.8 billion (2020) |
| Net Loss / Income (Prior Year) | -$158.5 million (loss) | +$322 million (profit) |
| First Half 2025/2021 Results | -$282.5 million loss | $1.6 billion profit |
| Revenue Source (Primary) | 70% Trading Fees | 80% Trading Fees |
| Regulatory Challenges | CFTC lawsuit (settled) | SEC oversight concerns |
This comparison highlights that Gemini is going public with weaker financials than Coinbase had in 2021, relying heavily on trading fees while still facing steep losses. However, investor appetite remains strong due to its brand recognition and political prominence.
Key Investor Takeaways
For potential shareholders, Gemini’s IPO presents both opportunity and risk:
- Growth Potential: If crypto adoption accelerates and Gemini diversifies into new services, revenues could expand rapidly.
- Profitability Concerns: Heavy reliance on trading fees makes earnings highly cyclical, dependent on market volatility.
- Regulatory Pressure: Ongoing scrutiny may impact operations, particularly in the U.S.
- Global Expansion: Gemini may increasingly target overseas markets to reduce domestic political risk.
Gemini’s Next Chapter on Nasdaq
By pricing its IPO at $28 per share, Gemini has taken a bold step into public markets during a time of uncertainty for the crypto industry. Its Nasdaq debut will test whether investors believe the exchange can overcome loss-making operations, regulatory battles, and political entanglements to eventually achieve sustainable growth.
For now, Gemini’s IPO symbolizes both the mainstream acceptance of crypto exchanges and the challenges that come with bringing a high-volatility, politically sensitive industry into the spotlight of Wall Street.