Crypto Exchange Gemini Targeting IPO With Goldman Sachs, Morgan Stanley and Citi As Lead Bookrunners

Gemini Space Station Inc., more commonly known as the US-based crypto exchange Gemini, is taking its crypto platform public, filing plans to sell 16.7 million shares of Class A common stock.

According to a new press release, the US company’s S-1 filing with the U.S. Securities and Exchange Commission (SEC) also gives underwriters a 30-day option to pick up another 2.4 million shares from Gemini and 103,652 shares from existing stockholders.

Shares are expected to price between $17 and $19, though the final terms will depend on market conditions. Gemini is aiming to list its Class A stock on the Nasdaq Global Select Market under the ticker symbol “GEMI.”

Goldman Sachs, Citigroup, Morgan Stanley and Cantor are leading the deal, with support from Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, KBW, Needham & Company and Rosenblatt. Academy Securities, AmeriVet Securities and Roberts & Ryan are on board as co-managers.

The sale will happen only through an official prospectus. The registration isn’t effective yet, which means no shares can trade until regulators give the green light.

Last week, Gemini made headlines by launching a co-branded credit card with Ripple that puts XRP at the center of everyday payments.

Partner merchants can offer rewards of up to 10, and early applicants approved by June 30, 2025, qualify for a $200 XRP bonus after spending $3,000 within 90 days.

Issued by WebBank and running on Mastercard’s network, the card carries no annual fee, foreign transaction fee, or exchange fee. Rewards are automatically deposited into a Gemini wallet, ready to be held, swapped, or cashed out.