The cryptocurrency exchange Gemini has increased its initial public offering target to $433.3 million, up from the originally planned $317 million.

This significant boost comes after strong investor demand led the company to raise its share price range from $17-19 to $24-26 per share.

Founded by Cameron and Tyler Winklevoss in 2014, Gemini will trade on the Nasdaq Global Select Market under the ticker “GEMI.” The exchange now targets a valuation of approximately $3.1 billion, marking a substantial increase from the earlier $2.22 billion projection.

Nasdaq Makes Strategic Investment

One of the most notable developments is Nasdaq’s decision to invest $50 million in Gemini through a private placement. This investment signals strong institutional confidence in the crypto exchange’s future prospects.

The partnership extends beyond just financial backing. Nasdaq clients will gain access to Gemini’s custody and staking services, while Gemini’s institutional customers can use Nasdaq’s Calypso platform for collateral management and tracking.

Source: sec.gov

This collaboration represents a significant step toward integrating cryptocurrency services with traditional financial infrastructure. For an industry that has struggled with trust and security issues, having one of the most respected names in traditional markets as a strategic partner provides valuable credibility.

Strong Institutional Growth Drives Success

Gemini’s appeal to institutional investors has been a key factor in the IPO’s success. The exchange serves over 10,000 institutional clients across 60 countries, with institutional trading accounting for 87% of total activity in the second quarter of 2025.

Institutional trading volume surged 60% year-over-year to $21.5 billion in Q2 2025. This growth demonstrates the increasing acceptance of cryptocurrency among professional investors and financial institutions.

The exchange manages over $18 billion in customer assets and serves 14.6 million verified users worldwide. Despite holding only a 0.23% market share, Gemini ranked fourth in Q3 2025 exchange rankings, highlighting its focus on security-conscious institutional clients rather than pure volume.

Regulatory Compliance Provides Competitive Edge

Gemini has positioned itself as a compliance-first platform, which has become increasingly valuable as regulations around cryptocurrency become clearer. The company obtained a Markets in Crypto-Assets (MiCA) license from Malta, allowing it to operate across all 27 European Union member states.

In the United States, President Trump signed the GENIUS Act into law in July 2025, creating the first comprehensive federal framework for stablecoins. This legislation gives compliant U.S. crypto companies like Gemini significant advantages over offshore competitors.

The exchange has also resolved major regulatory issues, including a $5 million settlement with the U.S. Commodity Futures Trading Commission in January 2025. These compliance efforts have helped Gemini build trust with institutional investors who demand clear legal oversight.

Retail Investors Get Access Too

Unlike many traditional IPOs that focus primarily on institutional investors, Gemini has reserved a significant portion of shares for retail traders. Up to 30% of IPO shares will be available through retail platforms including Robinhood, SoFi, and Webull.

Additionally, 10% of shares are reserved for long-time users, employees, and affiliates. This strategy aims to broaden ownership and strengthen community engagement with the platform’s existing user base.

The approach reflects Gemini’s consumer-focused brand and acknowledges the role that retail investors have played in the growth of cryptocurrency markets.

Riding the Crypto IPO Wave

Gemini’s timing appears strategic, coming after several successful cryptocurrency IPOs in 2025. Stablecoin company Circle saw its shares surge 168% on its first trading day after going public in June. Similarly, crypto exchange Bullish raised $1.1 billion and watched its shares jump 83% on debut.

These successes have demonstrated strong investor appetite for well-positioned digital asset companies. The favorable regulatory environment under the Trump administration has also contributed to renewed confidence in the crypto sector.

Goldman Sachs and Citigroup serve as lead underwriters for Gemini’s offering, with backing from major Wall Street firms signaling confidence in the exchange’s public market prospects.

Despite reporting a net loss of $282.5 million in the first half of 2025, compared to a $41.4 million loss in the same period of 2024, investor interest remains strong. The company’s strategic positioning, regulatory compliance, and institutional focus have clearly resonated with potential investors.

Looking Ahead

If successful, Gemini will become the third publicly traded crypto exchange in the United States, joining Coinbase and Bullish. This milestone represents another step in the mainstream acceptance of cryptocurrency businesses.

The combination of clearer regulations, successful precedents, and institutional backing suggests crypto companies are transitioning from speculative investments to legitimate financial services providers. Gemini’s compliance-first approach and strategic partnerships position it well to benefit from this shift.

Trading is expected to begin this Friday, September 13, 2025, though the exact timing may change depending on market conditions and final regulatory approvals.