Gemini Trust Company has doubled down on investor enthusiasm, jacking up its initial public offering price range from $17-$19 to $24-$26 per share—a move that would make even the most seasoned Wall Street veterans pause to recalculate their napkin math. The 41% to 53% increase reflects the kind of demand typically reserved for companies that actually turn water into wine, though in this case, the Winklevoss twins are merely converting digital assets into cold, hard cash.
At the midpoint of $25 per share, Gemini stands to raise approximately $416.75 million from its 16.67 million share offering, catapulting the company’s valuation into the $2.97 billion to $3 billion stratosphere. This positioning would cement Gemini as the third-largest U.S. crypto exchange by public market capitalization, trailing only Coinbase and Bullish—a hierarchy that suggests the crypto exchange business has become surprisingly orderly for an industry built on disrupting traditional finance.
The IPO’s credibility received a substantial boost from Nasdaq’s decision to invest $50 million through a concurrent private placement, because nothing validates a crypto exchange quite like the backing of a traditional stock exchange. This strategic partnership extends beyond mere capital injection, integrating Gemini’s custody and staking services with Nasdaq’s Calypso platform for collateral management—a marriage of old-school financial infrastructure with new-age digital asset handling.
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are serving as joint book-runners, assembling what amounts to Wall Street’s A-team for what was once considered a fringe financial sector. The syndicate’s involvement signals institutional acceptance that would have seemed fantastical during crypto’s early days of basement mining operations and pizza purchases.
Trading is scheduled to commence September 12, 2025, under the ticker “GEMI” on NASDAQ, following Thursday night pricing. The timing capitalizes on a broader rebound in U.S. equity capital markets and increased institutional participation in crypto assets. The company’s focus on regulatory compliance has positioned it as a trusted player in an industry often plagued by regulatory uncertainty.
Market conditions have proven favorable for quality crypto offerings, with Gemini benefiting from both sector momentum and the established reputation of its founders in the digital asset space. The recent Senate passage of the GENIUS Act represents a watershed moment for the $200 billion stablecoin market, potentially creating clearer regulatory pathways for compliant crypto businesses. Despite the enthusiasm, the company faces the reality of posting a $399.65 million loss for the twelve months ending June 30, 2025, against revenue of just $137.25 million.
