Crypto exchange of Zuckerberg suing twins prepares IPO with valuation up to $2.2 billion

Cryptocurrency exchange Gemini Space Station, whose founders brothers Cameron and Tyler Winklevoss accused Mark Zuckerberg of stealing Facebook's idea, expects a valuation of up to $2.22 billion in its initial public offering in the United States. The going public is being prepared amid increased investor interest in IPOs of digital assets, Reuters writes.

New York-registered crypto exchange Gemini, founded in 2014, plans to sell 16.67 million shares at prices ranging from $17 to $19 apiece. This is stated in Gemini's Form S-1 filing with the U.S. Securities and Exchange Commission (SEC) on September 2. Thus, the maximum amount of funds raised may reach $317 million, and the entire company may be valued at $2.2 billion. Gemini plans to list its Class A shares on the Nasdaq Global Select Market under the ticker GEMI. The lead organizers of the offering are Goldman Sachs, Citigroup, Morgan Stanley and Cantor. After the IPO, the company will remain under the control of the Winklevosses with 94.7% of voting shares.

If the placement takes place, Gemini will become the third cryptocurrency exchange, whose shares are traded on public markets, notes Reuters. Earlier this year, the Bullish platform floated with record success, and the largest U.S. cryptocurrency exchange Coinbase is already on the list of public.

"After the successful IPOs of Circle and Bullish, amid the overall market growth and high cryptocurrency prices, now is really the right time for cryptocurrency companies to go public," US Tiger Securities analyst Bo Pei told the agency.

Gemini Space Station offers customers transactions in more than 70 cryptocurrencies. According to the company's prospectus, for the first six months of 2025, its loss grew 582% year-over-year to $282.5 million, while total revenue fell nearly 8% to $68.6 million. 65.5% of Gemini's revenue was transaction revenue. Gemini's assets on the platform are worth more than $18 billion.

Gemini has filed for an IPO amid a rapid revival of the U.S. initial public offering market, Reuters writes. Its growth is supported by a favorable conjuncture and impressive trading results on the day of new issuers' release, which strengthened investors' interest and prompted more and more private companies to think about listing, the agency notes.

Gemini announced its intention to become a public company the day after the first steblecoin issuer, Circle, went public. During the debut trading, its shares grew by almost 170%.

Digital bank Chime Financial and space technology company Firefly Aerospace are also among the recent debutants. Both generated strong investor demand on the day they went public.

Digital assets are gradually being integrated into the traditional US financial system. For example, last year state regulators approved the launch of spot bitcoin-ETFs, and in 2025 Coinbase shares were included in the S&P 500 index.

The Winklevoss brothers who own crypto exchange Gemini became famous after a legal dispute with Facebook and its CEO Mark Zuckerberg. They claimed that Zuckerberg stole the idea for the social network from them. The case was dismissed after Zuckerberg agreed to pay them $65 million as part of a pre-trial settlement. The brothers invested part of the compensation in bitcoin and earned the nickname "bitcoin twins," becoming one of the world's first crypto-billionaires.

This article was AI-translated and verified by a human editor