I’m thrilled to sit down with Priya Jaiswal, a distinguished expert in banking, business, and finance, whose insights into market trends and portfolio management have guided countless professionals through the complexities of the financial world. Today, we’re diving into the exciting news of Gemini’s upcoming IPO, a significant milestone for the crypto exchange founded by Cameron and Tyler Winklevoss. Our conversation explores Gemini’s journey to this point, the strategic decisions behind their public offering, the competitive landscape of crypto and fintech firms, financial performance metrics, and the regulatory challenges they’ve navigated. Priya offers a deep dive into what this IPO means for Gemini and the broader digital asset market.
Can you walk us through the significance of Gemini’s upcoming IPO and what it signals for the crypto industry as a whole?
Gemini’s IPO is a landmark moment, not just for the company but for the entire cryptocurrency sector. With plans to sell 16.67 million shares at a price range of $17 to $19, they’re aiming for a valuation of up to $2.22 billion. This move signals a maturing market where crypto exchanges are seeking legitimacy and capital through traditional financial avenues like the Nasdaq, where Gemini will list under the ticker GEMI. It shows a growing acceptance of digital assets among mainstream investors and highlights the industry’s push to integrate with established financial systems.
What factors do you believe are driving Gemini’s targeted valuation of up to $2.22 billion?
Several elements are at play here. First, Gemini has over $18 billion in assets on its platform, which reflects a substantial user base and trust in their services. Additionally, their revenue growth from $98.1 million in 2023 to $142.2 million in 2024 demonstrates strong business momentum. The broader market context also helps—recent successful IPOs in the crypto and fintech space, like Circle’s, have created a favorable environment for valuations. Investors are likely seeing Gemini as a key player in a rapidly expanding sector, despite some financial and regulatory hiccups.
Speaking of funds, if Gemini reaches the top of their price range, they could raise about $316.7 million. How do you think they might utilize this capital?
Raising over $300 million is a significant influx of cash, and I suspect Gemini will prioritize a few key areas. They could invest heavily in technology to enhance platform security and user experience, which are critical in the crypto space. Expanding their product offerings or entering new markets globally might also be on the agenda. Additionally, given their regulatory challenges, a portion might go toward legal reserves or compliance infrastructure to navigate the complex landscape and rebuild trust with stakeholders.
Why do you think Gemini chose Nasdaq for their listing, and what does this step mean for their future?
Listing on Nasdaq is a strategic choice. It’s a prestigious exchange that signals credibility and attracts institutional investors who might have been wary of crypto in the past. Nasdaq’s tech-focused reputation aligns well with Gemini’s identity as a forward-thinking digital asset platform. This milestone could open doors to more partnerships, greater visibility, and potentially smoother access to capital markets in the future, positioning Gemini as a leader in blending traditional finance with crypto innovation.
Gemini has been around since 2014. How do you see their evolution over the past decade contributing to their readiness for an IPO now?
Over the last ten years, Gemini has grown from a startup into a major player in the crypto exchange space. Founded by Cameron and Tyler Winklevoss, they’ve built a reputation for emphasizing security and compliance, even before it became an industry standard. They’ve expanded their user base, as seen with the $18 billion in assets, and adapted to market demands by offering diverse services. Despite setbacks, their persistence in navigating volatility and building scale has likely prepared them to meet the rigorous demands of being a public company.
With several crypto and fintech firms going public recently, how does Gemini differentiate itself in this competitive landscape?
Gemini stands out through its focus on regulatory transparency and user trust, which not all competitors prioritize to the same extent. While companies like Circle and Bullish have made waves, Gemini’s long-standing presence since 2014 gives it a first-mover advantage in brand recognition. Their emphasis on security and their handling of past crises, like returning $1.1 billion to Earn customers, also sets a tone of accountability. It’s a crowded market, but Gemini’s blend of experience and strategic pivots helps it carve out a unique space.
Circle saw a 168% stock surge on its first trading day. Do you anticipate a similar investor enthusiasm for Gemini, and what might influence that reaction?
While Circle’s 168% jump was impressive, I’m cautious about expecting the same for Gemini. Investor enthusiasm will hinge on market sentiment toward crypto at the time of listing and Gemini’s ability to address concerns about their recent $282.5 million loss in the first half of 2025. If they can clearly communicate a path to profitability and regulatory stability, there could be strong interest. However, the broader economic climate and crypto-specific risks might temper some of that excitement compared to Circle’s debut.
Gemini reported a significant loss of $282.5 million in the first half of 2025. What do you think contributed to this, and how might they turn things around?
That loss is indeed striking, especially compared to a much smaller deficit the previous year. It likely stems from a combination of high operational costs, investments in growth, and fallout from regulatory settlements, like the $37 million paid to New York’s Department of Financial Services. Market volatility in 2022 and 2023 might still be impacting their balance sheet indirectly. Moving forward, Gemini will need to streamline costs, boost revenue through new offerings, and perhaps leverage IPO funds to stabilize their financials while maintaining user confidence.
Regulatory challenges have been a big hurdle for Gemini, especially with the SEC charges in 2023. How do you think these issues have shaped their path to going public?
The SEC charges over unregistered securities tied to their Earn product, along with the Genesis fallout in 2022, have undoubtedly been setbacks. These issues forced Gemini to confront reputational damage and financial obligations, like the $1.1 billion return to customers. However, their response—settling lawsuits and requesting a pause in the SEC case—shows a willingness to adapt. These challenges likely pushed them to strengthen compliance frameworks, which could be a selling point to IPO investors looking for a more regulated crypto entity.
Looking ahead, what is your forecast for Gemini’s trajectory post-IPO in the evolving crypto and financial markets?
I’m cautiously optimistic about Gemini’s future after the IPO. If they can use the raised capital effectively to innovate and expand while continuing to address regulatory concerns, they could solidify their position as a trusted exchange. The crypto market is still volatile, and competition is fierce, but Gemini’s listing on Nasdaq could attract a broader investor base. I think their success will largely depend on how they balance growth with profitability and navigate the ever-changing regulatory landscape over the next few years.
