The Gemini crypto exchange filed an S-1 form with the Securities and Exchange Commission (SEC) on Sep. 2 to launch its initial public offering (IPO).
As reported earlier , the exchange plans to raise as much as $317 million by selling 16.67 million shares at the price range of $17-$19 at a valuation of up to $2.22 billion.
Related: What is Crypto? Cryptocurrency explained
Third Bridge analyst says Gemini nailed IPO time
Jacob Zuller, an analyst at the global investment research firm Third Bridge, thinks Gemini nailed its IPO timing. He told TheStreet Roundtable , "Gemini has chosen the perfect time to capitalize on the favorable environment, following the recent success of the Bullish IPO and regulatory shifts from a pro-crypto administration."
Zuller added:
"For Gemini, the IPO is both a bid to raise capital for expansion and an effort to clean up its balance sheet."
Third Bridge experts expect Gemini's trading volumes to rise due to institutional adoption, the majority of the exchange's clients, but underline "reputational concerns"around its Earn program could lead to challenges in attracting net new accounts, added Zuller.
"Investors will be watching the company's growth story to judge its valuation, whether it focuses on Europe with tokenized stocks and its MiCA license, or a bigger push in marketing in the US."
From Facebook to Gemini
The crypto exchange was founded in 2014 by the Winklevoss twins, who were famously involved in a legal battle with Mark Zuckerberg over Facebook, now part of Meta Platforms (Nasdaq: META).
The dispute was settled for $65 million, and the twins invested part of the settlement in Bitcoin in 2012. The investment turned them into the world's first crypto billionaires and earned them the moniker "Bitcoin twins." In 2014, they founded Gemini, which is now hoping to go public after more than a decade, though the duo considered the move even in 2021.
Gemini collaborated with the crypto lending platform Genesis Global Capital in February 2021 to launch the Gemini Earn program that let users deposit crypto funds to be lent to other investors in return for a high interest rate.
However, Genesis was forced to halt withdrawals amid the crypto crisis in November 2022 as it held $900 million worth of assets belonging to nearly 340,000 Gemini Earn users at the time — this is when Sam Bankman-Fried's FTX crypto exchange also collapsed.
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SEC went after Gemini Earn
In January 2023, the SEC sued Gemini and Genesis for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program. Genesis declared bankruptcy within a few days.
In February 2024, Gemini reached a settlement with the New York State Department of Financial Services (NYDFS) to return at least $1.1 billion to Earn users and pay a $37 million penalty for multiple compliance failures.
A year later, the SEC dropped its investigation into Gemini with no action, Cameron Winklevoss informed in February 2025. Next, both parties jointly approached the court to request a 60-day stay to explore a potential resolution.
FAQ
What is Gemini?
Founded in 2014, Gemini is a U.S.-based crypto trading exchange that has been operating for more than a decade.
Who are the Winklevoss twins?
Known as the Winklevoss twins, Cameron and Tyler Winklevoss are crypto entrepreneurs who founded Gemini. They are also known for their legal battle with Facebook's Mark Zuckerberg, which ended in a settlement of $65 million, part of which the twins invested in Bitcoin. The successful bet turned them into the world's first few Bitcoin billionaires, earning them the moniker "Bitcoin twins."
What is the Gemini Earn program?
Gemini launched the Earn program in February 2021 to let users deposit crypto funds to be lent to other investors in return for a high interest rate.
What is the status of the SEC's lawsuit against Gemini?
The SEC sued Gemini over its Earn program in January 2023 but dropped its investigation in February 2025. The lawsuit is still pending in the court, though both parties have asked a court stay to explore a potential resolution.
When is Gemini making a public debut?
Gemini has filed an IPO application to make a public debut, but no date is confirmed so far.
This story was originally reported by TheStreet on Sep 3, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
