Another cryptocurrency exchange is preparing to go public as Gemini seeks $317 million in IPO financing.

```

As the wave of public listings in the cryptocurrency industry continues to heat up, New York cryptocurrency exchange Gemini Space Station has announced the launch of its initial public offering (IPO), aiming to raise up to $317 million.

According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Gemini, founded and led by billionaire Winklevoss twins, plans to issue 16.7 million shares at a price of $17 to $19 per share. At the upper end of this range, the company would be valued at about $2.2 billion. The IPO is led by Goldman Sachs and Citigroup. Gemini plans to list on the Nasdaq Global Select Market under the ticker symbol GEMI.

However, Gemini is still operating at a loss and recently reached a settlement with U.S. regulators over compliance issues. Whether the IPO can proceed smoothly, and how the market recognizes its valuation, will be important indicators to watch in the upcoming wave of crypto industry listings.

Gemini’s listing application comes as the U.S. regulatory environment becomes more favorable, with the Trump administration supporting the crypto industry and promoting stablecoin legislation.

Since 2025, companies such as Circle Internet Group and Bullish have gone public in the U.S., raising $1.2 billion and $1.1 billion respectively. On their first trading day, their stock prices rose 168% and 84%. The Trump administration’s positive statements on the crypto industry and the enactment of stablecoin legislation have created a favorable environment for company listings. Gemini’s listing plan further underscores the capital market’s ongoing focus on the crypto asset sector.

Over $18 Billion in Assets Under Management, Still Unprofitable, Facing Regulatory Challenges

Gemini was founded in 2014 and currently manages more than $18 billion in assets. The company’s business spans cryptocurrency trading, US dollar stablecoin issuance, crypto asset custody, staking services, and crypto rewards credit cards.

According to the prospectus, in the first half of 2025, Gemini achieved total revenue of $68.6 million, down from the same period last year, while net losses widened to $283 million. Trading fee income accounted for 65.5%, indicating the company is highly dependent on trading volume fluctuations.

In recent years, Gemini has had multiple frictions with U.S. regulators. In 2023, the company was sued by the SEC for allegedly selling unregistered securities to retail investors. The charges were dropped this year. In addition, in January this year, Gemini agreed to pay $5 million to settle litigation with the CFTC over bitcoin futures compliance issues. The company did not admit or deny any responsibility. The gradual resolution of compliance risks has cleared some obstacles to its listing.

The Winklevoss twins recently donated $21 million worth of bitcoin to a pro-Trump political action committee to support his promotion of digital asset-friendly policies. Gemini’s listing is not only a milestone in the company’s own development, but is also seen as evidence of further integration between the crypto industry and the mainstream U.S. financial system.

Risk Warning and DisclaimerThe market has risks, and investment needs to be cautious. This article does not constitute personal investment advice, nor does it take into account individual users’ special investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article are appropriate for their particular circumstances. Investing accordingly is at your own risk. ```