Crypto exchange eyes higher demand as Nasdaq backs its public debut
Gemini has raised the size of its initial public offering (IPO) to $433 million, signaling stronger investor demand as the exchange prepares for its Nasdaq debut this Friday. The move pushes the company’s targeted valuation to over $3 billion.
Gemini raises IPO target
According to the updated filing with the Securities and Exchange Commission, Gemini increased its share price range to $24–$26 per share, up from the initial $17–$19. The exchange will still sell around 16.67 million shares, but the adjustment lifts the total raise to $433 million from the previously planned $317 million.
Market analysts note that the upsized IPO reflects growing investor appetite for crypto-related companies despite recent volatility. “Raising the range ahead of the listing is a clear sign that institutional demand is robust,” said one market strategist.
Nasdaq investment signals confidence
Adding weight to the debut, Nasdaq will participate in a $50 million private placement, acquiring 2.11 million shares. This backing is seen as a strong endorsement of Gemini’s potential role in the evolving digital asset landscape.
However, Gemini’s financials highlight the challenges exchanges face in balancing growth with profitability. The firm reported $68.6 million in revenue for the first half of 2025, down slightly year-over-year. Meanwhile, its net loss widened to $282.5 million, reflecting increased operational and regulatory costs.
Trading volumes surge despite losses
Despite widening losses, Gemini’s trading volumes tell a different story. The platform processed $24.8 billion in volume in the first six months of 2025, a nearly 50% increase compared to the previous year. Analysts view this as evidence of Gemini’s ability to capture market activity even during periods of price turbulence.
“Volume growth is a healthy sign,” said a digital asset researcher. “It suggests Gemini is maintaining relevance in an increasingly competitive exchange landscape.”
Broader wave of crypto IPOs
Gemini’s listing comes as crypto firms flood the public markets. Circle recently surged in its New York Stock Exchange debut, while Bullish posted gains of over 200% on listing day. Coinbase, meanwhile, secured a spot in the S&P 500 index, a milestone for the industry.
With Kraken eyeing a $15 billion raise, the momentum suggests Wall Street’s embrace of digital asset platforms is only intensifying.
Gemini’s boosted IPO reflects confidence in the sector despite profitability hurdles. If demand holds, the exchange’s $3 billion valuation could mark another milestone in the mainstreaming of cryptocurrency businesses.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.