Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, has significantly increased the target for its U.S. initial public offering (IPO), now aiming to raise up to $433.3 million. The revised pricing range for its shares is set between $24 and $26, up from the previous $17 to $19 range, while maintaining the offering of 16.67 million shares. If priced at the midpoint of the new range, this would value the company at approximately $2.97 billion.

Gemini’s IPO is set to be priced on Thursday, September 11, 2025, with trading expected to start on the NASDAQ the following day under the ticker symbol GEMI. One of the most significant developments surrounding this IPO is NASDAQ’s decision to invest $50 million in Gemini through a private placement concurrent with the public listing. This strategic partnership will also see Gemini provide crypto custody and staking services to NASDAQ clients, while enabling Gemini’s institutional customers to access NASDAQ’s collateral management platform, Calypso, which bridges traditional and digital assets.

Following its IPO, Gemini will become the third U.S.-listed cryptocurrency exchange, joining Coinbase and Bullish. This move comes at a time of renewed interest in equity capital markets, especially for crypto-related firms, as demonstrated by recent strong debuts from other technology and digital asset companies. The IPO is being led by major financial institutions, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor.