Another cryptocurrency exchange is preparing to go public, Gemini seeks $317 million in IPO financing

As the wave of initial public offerings (IPOs) in the cryptocurrency industry continues to heat up, the New York cryptocurrency exchange Gemini Space Station has announced the launch of its IPO, aiming to raise up to $317 million.

According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, Gemini, founded and led by billionaire Winklevoss brothers, plans to issue 16.7 million shares at a price of $17 to $19 per share. If calculated at the upper limit of the range, the company's valuation will reach approximately $2.2 billion. This IPO is led by Goldman Sachs and Citigroup, with Gemini planning to list on the Nasdaq Global Select Market under the ticker symbol GEMI.

However, Gemini is currently still in a loss-making state and recently reached a settlement with U.S. regulators over compliance issues. Whether this IPO can proceed smoothly and the market's recognition of its valuation will become an important barometer for observing the subsequent IPO boom in the cryptocurrency industry.

Gemini's listing application comes at a time when the U.S. regulatory environment is becoming more favorable, with the Trump administration supporting the cryptocurrency industry and promoting stablecoin legislation.

Since 2025, companies such as Circle Internet Group and Bullish have successively listed on the U.S. stock market, raising $1.2 billion and $1.1 billion, respectively, with their stock prices rising 168% and 84% on the first day of trading. The Trump administration's positive stance on the cryptocurrency industry and the implementation of stablecoin legislation have created a favorable environment for companies to go public. Gemini's listing plan further confirms the capital market's continued attention to the cryptocurrency asset sector.

Managing assets exceeding $18 billion, still unprofitable, while facing regulatory challenges

Gemini was founded in 2014 and currently manages assets exceeding $18 billion on its platform. The company's business includes cryptocurrency trading, issuance of U.S. dollar stablecoins, custody of crypto assets, staking services, and crypto rewards credit cards.

According to the prospectus, in the first half of 2025, Gemini achieved total revenue of $68.6 million, a decrease compared to the same period last year, but net losses widened to $283 million. Revenue from trading fees accounted for 65.5%, indicating the company's high dependence on trading volume fluctuations.

In recent years, Gemini has had multiple frictions with U.S. regulators. In 2023, the company was sued by the SEC for allegedly selling unregistered securities to retail investors, with the related charges being dismissed this year. Additionally, in January of this year, Gemini agreed to pay $5 million to settle a lawsuit with the U.S. Commodity Futures Trading Commission (CFTC) regarding compliance issues related to Bitcoin futures. The company did not admit or deny any related liability. The gradual resolution of compliance risks has cleared some obstacles for its listing.

The Winklevoss brothers recently donated $21 million in Bitcoin to a political action committee supporting Trump, aiding in the promotion of digital asset-friendly policies. Gemini's listing is not only a milestone for the company's own development but is also seen as evidence of the further integration of the cryptocurrency industry with the mainstream U.S. financial system Risk Warning and Disclaimer

The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk