Gemini moves forward with IPO plans to offer 16 million shares priced as high as $19

Gemini Space Station, the crypto exchange run by Cameron and Tyler Winklevoss, has filed to go public on the Nasdaq Global Select Market, where it plans to trade under the ticker “GEMI.”

The company announced on Tuesday that it will sell 16,666,667 shares of Class A common stock in an initial public offering, with a target price range between $17 and $19 per share.

This filing was disclosed through a Form S-1 registration submitted to the U.S. Securities and Exchange Commission (SEC). The announcement comes during a hot period for public listings, with IPO volumes climbing across U.S. exchanges in recent months.

According to Gemini, the deal includes a 30-day option that lets underwriters buy up to 2,396,348 extra shares from the company and 103,652 shares from existing holders if demand exceeds expectations. These shares are meant to cover any over-allotments once trading begins.

Until the SEC makes the registration effective, though, no shares can be sold or bought. The company made clear that this offer depends fully on market conditions, and there’s no guarantee the offering will close or price within the suggested range.

Gemini submits Nasdaq application as crypto IPO wave builds

The IPO will only be available through an official prospectus. Copies of that prospectus can be requested from Goldman Sachs, which is serving as a lead bookrunner. Another option is Citigroup, also a lead bookrunner, who’s handling requests.

Along with Goldman Sachs and Citigroup, the underwriter list includes Morgan Stanley and Cantor, also acting as lead bookrunners. Additional bookrunners are Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, which is part of Stifel, Needham & Company, and Rosenblatt.

This IPO attempt places Gemini in line to become the third publicly traded crypto exchange in the U.S., right after Coinbase, which joined the S&P 500 earlier this year, and Bullish, which went public months ago.

The timing aligns perfectly with the current surge in IPO activity on Wall Street thanks to strong debut sessions and rising investor interest, which are helping revive public markets after a dry spell that stretched through the last crypto winter.

Cameron Winklevoss and Tyler Winklevoss, who founded Gemini, first gained public attention through their legal dispute with Facebook and its CEO Mark Zuckerberg. That 2008 lawsuit resulted in a settlement that the twins used to invest in Bitcoin, a decision that made them among the earliest crypto billionaires.

Their bet on Bitcoin, back when it was still trading in the low double digits, earned them the nickname “Bitcoin twins.” Since then, they’ve built Gemini into a recognizable brand in the crypto industry, with global operations and a push toward regulatory compliance.

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