Amid a growing wave of listings in the cryptocurrency industry, the New York-based crypto exchange Gemini has announced its initial public offering, planning to raise $317 million.

According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Gemini, founded and led by billionaire Winklevoss twins, intends to issue 16.7 million shares at a price range of $17 to $19 per share. If priced at the upper end of the range, the company's valuation would reach approximately $2.2 billion. The IPO is led by Goldman Sachs Group and Citigroup, with Gemini set to list on the Nasdaq Global Select Market under the ticker symbol "GEMI."

However, Gemini is still operating at a loss and recently reached a settlement with U.S. regulators over compliance issues. Whether this IPO proceeds smoothly and how the market responds to its valuation will serve as a key indicator for the future wave of listings in the crypto industry.

Gemini's listing application comes at a time when the U.S. regulatory environment is becoming more favorable, with the Trump administration supporting the crypto industry and advancing stablecoin legislation.

Since 2025, companies such as Circle Internet Group and Bullish have successively gone public on U.S. stock markets, raising $1.2 billion and $1.1 billion, respectively, with their stock prices surging 168% and 84% on the first day of trading. The Trump administration's positive stance on the crypto industry, coupled with the enactment of stablecoin legislation, has created a conducive environment for companies to go public. Gemini's IPO plans further demonstrate the capital market's continued interest in the crypto asset sector.

Founded in 2014, Gemini currently manages over $18 billion in assets. Its business includes cryptocurrency trading, U.S. dollar stablecoin issuance, crypto asset custody, staking services, and crypto rewards credit cards.

According to the prospectus, in the first half of 2025, Gemini reported total revenue of $68.6 million, a decrease from the same period last year, while its net loss widened to $283 million. Transaction fee income accounted for 65.5% of total revenue, indicating the company's significant reliance on fluctuations in trading volume.

In recent years, Gemini has faced multiple disputes with U.S. regulators. In 2023, the company was sued by the SEC for allegedly selling unregistered securities to retail investors, though the charges were dropped earlier this year. Additionally, in January of this year, Gemini agreed to pay $5 million to settle a lawsuit with the U.S. Commodity Futures Trading Commission (CFTC) regarding compliance issues related to Bitcoin futures. The company neither admitted nor denied the allegations. The gradual resolution of these compliance risks has partially cleared the path for its listing.

Recently, the Winklevoss brothers donated $21 million worth of Bitcoin to a pro-Trump political action committee, supporting his efforts to promote digital asset-friendly policies. Gemini's IPO is not only a milestone for the company's development but is also seen as evidence of the crypto industry's further integration into the mainstream U.S. financial system.