TechFlow, September 8 — Cryptocurrency exchange Gemini (GEMI) plans to list on Nasdaq on September 12, 2025, with a price range of $17–$19 per share, aiming to raise up to $316 million and achieve a valuation of up to $2.22 billion. Proceeds from the Gemini IPO will be used for general corporate purposes and debt repayment.
Gemini was founded by the Winklevoss twins, who retain effective control of the company and hold 96.7% of voting power prior to the IPO. According to its prospectus, as of June 2025, Gemini served approximately 523,000 active users and managed over $18 billion in assets, but reported a net loss of $282 million in the first half of the year. Notably, the Winklevoss brothers acquired around 120,000 bitcoins at less than $10 each in the early days and have held them long-term.
Previously, the U.S. SEC brought charges against Gemini’s high-yield Earn product; the company has since paid settlement fines and returned funds to investors through bankruptcy proceedings. The market may refer to strong U.S. stock performances of other crypto firms such as Bullish and Circle.
A BiyaPay analyst noted that as the Gemini listing approaches, investors can leverage the BiyaPay platform to flexibly position in U.S. stocks and crypto assets to capture potential opportunities. BiyaPay offers multi-asset trading and risk management tools to help investors control exposure and manage risks in highly volatile markets, enabling stable investment growth.
