Gemini Space Station Inc., a cryptocurrency exchange led by the billionaire Winklevoss twins, seeks to raise as much as $316.7 million in its initial public offering as the latest crypto business in line for a US listing.
The New York City-based crypto exchange and custodian plans to market 16.7 million shares for $17 to $19 each in its IPO, according to a filing with the US Securities and Exchange Commission on Tuesday.
At the top of that range, Gemini would have a market value of about $2.2 billion based on the outstanding shares listed in its filing.
Gemini joins a rush of crypto listings as the Trump administration has embraced the industry and stablecoin legislation was signed into law. Stablecoin issuer Circle Internet Group Inc. went public in June in a $1.2 billion IPO, surging 168% on its first trading day, and crypto exchange Bullish climbed 84% in its debut after raising $1.1 billion in August.
Founded in 2014 by Cameron Winklevoss and Tyler Winklevoss, Gemini has more than $18 billion of assets on the platform, the filing shows. The brothers donated $21 million in Bitcoin to a Republican-oriented political action committee to help Trump expand his pro-digital asset agenda going into the US midterm elections.
Gemini had a net loss of $282.5 million on $68.6 million total revenue in the six months through June 30, versus a net loss of $41.4 million on total revenue of $74.3 million in the same period last year, according to the filing.
The firm offers a crypto exchange, a US dollar-backed stablecoin, crypto staking, crypto custody and a credit card that offers rewards in crypto. In the first six months of this year, transaction revenue from volume-based trades accounted for 65.5% of Gemini’s revenue.
The company previously faced charges from the US SEC in 2023 for selling unregistered securities to retail investors, but the SEC dropped them this year. The company agreed to pay $5 million to end a Commodity Futures Trading Commission lawsuit in January, without admitting or denying liability. The lawsuit had alleged Gemini misled the regulator when trying to launch the first US-regulated Bitcoin futures contract.
Gemini’s offering is being led by Goldman Sachs Group Inc. and Citigroup Inc. The company expects to list on the Nasdaq Global Select Market under the symbol GEMI.
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