Crypto exchange Gemini has raised its IPO price range from $17–$19 to $24–$26 per share, signaling strong investor demand. The offering covers 16.67 million shares, potentially raising $433.3 million and valuing Gemini at around $3.1 billion at the high end. Leading underwriters include Goldman Sachs, Citigroup, and Morgan Stanley, while Nasdaq committed $50 million via a private placement. The jump in valuation highlights growing confidence in crypto exchanges despite regulatory scrutiny. However, Gemini reported a $282.5 million net loss in H1 2025, underscoring profitability challenges as it seeks to expand and compete with global rivals.