Gemini Plans IPO: Aiming for $2.22 Billion Valuation

The Gemini crypto exchange has officially filed an S-1 form with the SEC, signaling its intent to go public. The IPO aims to raise up to $317 million by offering 16.67 million shares priced between $17 and $19, potentially valuing the exchange at $2.22 billion.

Strategic Timing?

Third Bridge analyst Jacob Zuller believes Gemini's IPO timing is ideal, citing the success of the Bullish IPO and perceived pro-crypto regulatory shifts.

Zuller suggests the IPO serves two primary purposes:

• Raising capital for expansion.
• Restructuring the company's balance sheet.

While institutional adoption is expected to drive trading volumes, reputational issues stemming from the Gemini Earn program remain a concern.

From Facebook Feud to Crypto Exchange

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini's origins trace back to a legal battle with Mark Zuckerberg over Facebook. The twins famously invested their $65 million settlement into Bitcoin, becoming early crypto billionaires.

Gemini Earn's Troubled Past

The Gemini Earn program, launched in collaboration with Genesis Global Capital, offered high interest rates to users who deposited crypto for lending. However, Genesis halted withdrawals during the 2022 crypto crisis, impacting approximately 340,000 Gemini Earn users.

In January 2023, the SEC sued Gemini and Genesis over the Earn program, alleging unregistered securities offerings. Gemini subsequently reached a settlement with the NYDFS, agreeing to return at least $1.1 billion to Earn users and pay a $37 million penalty. While the SEC dropped its investigation in February 2025, the lawsuit remains pending as both parties explore a possible resolution.

Key Takeaways

• Gemini has filed for an IPO, seeking a valuation of up to $2.22 billion.
• Analysts believe the timing is favorable due to recent market trends.
• The IPO aims to raise capital and restructure the balance sheet.
• Past issues with the Gemini Earn program could pose challenges.