Gemini, the cryptocurrency platform co-founded by twins Cameron and Tyler Winklevoss, has taken a significant step by filing for an initial public offering (IPO), targeting a valuation of up to $2.22 billion.
The company aims to list on the Nasdaq Global Select Market, offering 16.67 million shares priced between $17 and $19 each, potentially raising up to $317 million in the process.
Established in 2014, Gemini gained prominence alongside its founders’ legal disputes with Facebook’s Mark Zuckerberg, whom they accused of appropriating their concept for a social network.
For the six months ending June 30, the firm reported a net loss of $282.5 million against revenues of $67.9 million. Should the IPO succeed, Gemini would become the third cryptocurrency exchange to go public, following Coinbase and Bullish, the latter of which saw its shares more than double during its NYSE debut in August.
In January, the company faced a $5 million penalty from the CFTC for issuing “false and misleading statements.” Additionally, in February 2024, Gemini agreed to return $1.1 billion to customers affected by its unresolved partnership with Genesis.