Gemini Targets $2.1 Billion Valuation in IPO

Company Overview - Cryptocurrency exchange Gemini aims to raise up to $316.7 million in its upcoming initial public offering (IPO) [1] - The company, led by billionaire Winklevoss twins, plans to market 16.7 million shares priced between $17 to $19 each, resulting in a market value of over $2.2 billion based on 116.7 million outstanding shares [2] Industry Context - Gemini's IPO is part of a trend of increasing listings by cryptocurrency companies as the industry moves into the mainstream, with several recent successful listings [3] - Notable examples include Bullish, which saw an 83% increase upon listing, and Circle, whose stock jumped 168% on its first day [3] Financial Performance - In its SEC filing, Gemini reported net losses of $282.5 million and revenues of $67.9 million for the first half of 2025, compared to a net loss of $41.1 million and revenues of $73.5 million during the same period last year [4] Market Activity - The second week of September is anticipated to be one of the busiest for IPOs in four years, with other companies like Klarna also announcing their IPOs [5] - Investment banks Evercore and Stifel Financial expect an increase in IPO activity in the second half of the year, driven by reduced volatility and regulatory easing [6]