The Winklevoss twins are aiming for a $2.22 billion IPO for their cryptocurrency exchange Gemini, the company announced in a press release on Tuesday.
Crypto is having a moment thanks to the Trump administration’s lax regulatory policies. Meanwhile, the IPO market is heating up again with splashy debuts from other tech stocks like Chime and Figma. The two factors combined make for a particularly profitable environment for crypto-related stocks and IPOs.
When it debuts, Gemini will become the third publicly traded crypto exchange in the U.S., joining Coinbase and Bullish. Coinbase went public in 2021, and Bullish pulled off a blockbuster debut in August.
Gemini confidentially filed for an IPO back in June, and the company announced in a press release on Tuesday that it plans to sell 16.67 million shares at a price range of $17 to $19, under the ticker “GEMI.” Goldman Sachs and Citigroup are leading the deal.
If the market seems to agree with this valuation, the Winklevoss twins’ crypto platform could raise up to $317 million from the offering.
Cameron and Tyler Winklevoss founded Gemini in 2014, years after they first made headlines in their legal battle against Mark Zuckerberg over Facebook. They invested the money they got from that settlement into early bets on bitcoin, securing the nickname “Bitcoin Twins.”
The twins have found themselves in legal troubles of their own over Gemini. Back in 2022, the Commodity Futures Trading Commission filed a 28-page civil suit against Gemini, claiming that it made misleading statements to U.S. regulators in 2017 about whether its proposed bitcoin futures contract could be easily manipulated by traders. Gemini’s bitcoin futures contract at the time was one of the first to list digital assets. The company reached a $5 million settlement with the CFTC in January 2025.
The company was also sued by the New York attorney general in 2023 for an alleged $1 billion cryptocurrency fraud.
A win for the Winklevii
The pro-crypto regulatory shift in the U.S. government has led to a huge boom in the industry. The Winklevoss twins—referred to sometimes as the Winklevii—were among the crypto leaders who won big with the 2024 election.
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