Gemini Trust Co. Prices IPO at $28 Amid High Demand

MIAMI, Florida — Gemini Trust Co., the cryptocurrency exchange founded by twins Cameron and Tyler Winklevoss, priced its initial public offering at $28 per share late Thursday. This figure exceeds the expected range of $24 to $26, giving the company a valuation of approximately $3.3 billion.

According to a source familiar with the offering, Gemini sold 15.2 million shares, capping the total offering at $425 million. Originally, the company aimed to market 16.67 million shares but found steady demand necessary to adjust this figure. Earlier this week, Gemini raised its proposed price range from $17 to $19 per share.

A spokesperson for Gemini did not confirm the specifics of the report. The IPO’s underwriters, led by Goldman Sachs, Citigroup, and Morgan Stanley, have been given a 30-day option to sell an additional 452,807 and 380,526 shares, respectively.

Gemini’s stock will trade on the Nasdaq under the ticker symbol “GEMI.” The initial offering has reserved up to 30% of shares for retail investors through platforms like Hong Kong-based Futu Securities and Singapore’s Moomoo Financial.

The Winklevoss brothers founded Gemini in 2014, which now holds more than $21 billion in assets on its platform as of the end of July. Initial trading of Gemini’s shares will indicate how investor sentiment is holding up in the crypto market.

While other companies have seen successful listings, Gemini has faced recent challenges, including reported widening losses. The company reported a net loss of $159 million in 2024 and a loss of $283 million in the first half of this year.

Despite these struggles, Gemini received a positive signal this week when Nasdaq announced a $50 million investment in the company, intending to offer clients access to Gemini’s custodial services and collaborate through its trade management system known as Calypso.

In addition to its exchange platform, Gemini also recently launched a crypto-backed credit card, which garnered over 30,000 sign-ups in August, marking a significant increase compared to the previous month.