Winklevosses’ crypto firm Gemini seeks $317 million in IPO

Gemini Space Station Inc., a cryptocurrency exchange led

The New York City-based crypto exchange and custodian plans to market 16.7 million shares for $17 to $19 each in its IPO, according to a filing with the U.S. Securities and Exchange Commission on Tuesday. 

At the top of that range, Gemini would have a market value of about $2.2 billion based on the outstanding shares listed in its filing.

Gemini joins a rush of crypto listings as the Trump administration has embraced the industry and stablecoin legislation was signed into law. Stablecoin issuer Circle Internet Group Inc. went public in June in a $1.2 billion IPO, surging 168% on its first trading day, and crypto exchange Bullish climbed 84% in its debut after raising $1.1 billion in August.

Founded in 2014

Gemini had a net loss of $282.5 million on $68.6 million total revenue in the six months through June 30, versus a net loss of $41.4 million on total revenue of $74.3 million in the same period last year, according to the filing.

The firm offers a crypto exchange, a US dollar-backed stablecoin, crypto staking, crypto custody and a

The company previously faced charges from the U.S. SEC in 2023 for selling unregistered securities to retail investors, but the SEC dropped them this year. The company agreed to pay $5 million to end a Commodity Futures Trading Commission lawsuit in January, without admitting or denying liability. The lawsuit had alleged Gemini misled the regulator when trying to launch the first U.S.-regulated Bitcoin futures contract.

Gemini’s offering is being led