The $3 billion listing will make Gemini the third public crypto exchange, with Nasdaq backing and retail investors heavily involved. But steep losses cloud the story.

Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is set to go public on Friday in one of the year’s most anticipated IPOs. Demand for shares has been staggering, over 20 times oversubscribed, according to Reuters, underscoring Wall Street’s revived appetite for crypto listings amid a broader market rally.

Raising the Bar

Gemini sharply raised its IPO price range this week, moving from $17–$19 per share to $24–$26, and is now expected to raise up to $433 million. The offering values the company at just over $3 billion. Even so, proceeds are being capped at $425 million due to overwhelming demand, with additional price hikes instead reducing share allocations.

Nasdaq itself has committed to invest $50 million via a private placement, a strong vote of confidence as Gemini prepares to trade under the ticker GEMI. The exchange will also integrate with Nasdaq’s systems, including crypto custody, staking, and collateral management tools.

Retail Power Play

In a move unusual for tech IPOs, around 30% of Gemini’s shares are allocated to retail investors via platforms such as Robinhood ($HOOD) and SoFi ($SOFI). That’s three times the normal retail allocation, a strategy that could create fireworks on debut day given Gemini’s strong brand presence in online crypto communities.

But there’s a catch: those shares are locked up for 30 days, raising the risk of heavy selling once the restriction lifts if early enthusiasm fades.

Behind the Hype: Financial Strains

Gemini’s SEC filings show a tough financial picture. In the first half of 2025, the company posted a $282.5 million net loss, widening sharply from a $41.4 million loss a year earlier. Revenue slipped to $68.6 million, down from $74.3 million, even as trading volume rose to $24.8 billion. Assets under custody total $21 billion, with 1.5 million active users across more than 60 countries.

These numbers paint a familiar story for high-growth tech: momentum in users and volume, but at the cost of profitability. Public markets will demand Gemini narrow those losses fast.

A Test for Crypto IPOs

Gemini’s debut comes as crypto listings regain momentum. Stablecoin issuer Figure Technology raised $787.5 million in its IPO earlier this week, while Bullish ($BLSH) and Circle (CRCL) expanded offerings earlier in 2025. Coinbase ($COIN), the first crypto exchange to go public in 2021, remains the benchmark, but its stock has been volatile with swings in trading activity.

With the global crypto market value topping $4 trillion this year, Gemini’s IPO will act as a barometer of how far investor faith has come. Analysts say its positioning as a “regulated” and trusted exchange could help it stand out — if it can balance growth with profitability.

Market Context

The IPO lands at a time of renewed enthusiasm for risk assets. Oracle’s shock rally this week lifted tech markets, gold has hit inflation-adjusted records, and investors are eyeing Fed rate cuts next week. The intersection of macro easing, pro-crypto policy signals, and retail demand has created an unusually strong backdrop for Gemini’s launch.

What to Watch

  • Debut day performance: A strong open could cement Gemini as the year’s marquee IPO.
  • 30-day retail lockup: Watch for volatility when restrictions lift.
  • Quarterly earnings: Investors will scrutinize Gemini’s ability to rein in losses while expanding global reach.
  • Regulation: A pro-crypto White House has boosted sentiment, but regulatory risks remain in the US and abroad.

Gemini’s IPO is more than just another crypto listing, it’s a test of Wall Street’s willingness to embrace exchanges still in the red but backed by surging trading volumes, retail enthusiasm, and big-name endorsements. Tomorrow’s open will show whether GEMI is the next great growth story or another bubble waiting to burst.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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