Gemini Boosts Price Range Ahead of IPO in a Busy Week for Fintech Deals

(Ronda Churchill/Bloomberg)

Fintech unicorns are enjoying the spotlight as several get ready for their Wall Street close-ups. Crypto company Gemini Space Station, backed by billionaire brothers Cameron and Tyler Winklevoss, raised the price range for its initial public offering late Tuesday, which is scheduled for later this week.

That news comes ahead of buy-now, pay-later company Klarna’s public trading debut, which is slated for Wednesday. Klarna’s IPO was priced at $40, above its expected range and the stock rose 30% from that level once it opened, before cooling off a bit. There seems to be a fair amount of excitement surrounding Klarna, even though the company is in a tough environment, facing competition from the likes of Affirm and Block-owned Afterpay.

Also on tap for later this week: Thursday’s IPO of Figure Technology Solutions, a company using blockchain technology to make loans. Figure disclosed this week that Duquesne Family Office, the firm run by investing guru Stanley Druckenmiller, is planning to buy $50 million worth of stock. Figure boosted both the size and price range of its offering on Tuesday.

But of all these IPOs, Gemini looks particularly interesting.

For one, the Winklevoss brothers are a known quantity, thanks to their role in Facebook’s beginnings, a legal saga that was made even more famous thanks to the movie “The Social Network.” The brothers co-founded Gemini. Tyler is its CEO, while Cameron is Gemini’s president.

Gemini is also a crypto firm at a time when the prices of Bitcoin and other digital currencies are enjoying a rebound this year thanks to a favorable regulatory environment in Washington. Gemini has also attracted a blue chip investor of its own: The company disclosed earlier this week that Nasdaq, owner of the exchange that Gemini will trade on, is planning a $50 million stock purchase.

Add all this up, and it’s easy to understand why Gemini’s investment bankers, led by Goldman Sachs and Citigroup , must be expecting a solid debut. Gemini announced late Wednesday that it now plans to sell 16.7 million shares at a price range of $24 to $26, up nearly 40% from the previous range of $17 to $19.

At a price of $26, Gemini would raise nearly $435 million from the offering, which would value the company at about $3.2 billion. The company is expected to announce its IPO price late Thursday and begin trading on the Nasdaq under the ticker symbol of GEMI on Friday.

Still, it isn’t clear whether any opening day excitement for Gemini—or other IPOs for that matter—will last. Shares of other buzzy recent debuts, such as Circle Internet Group and Figma, have fizzled slightly after surging on their first day of trading.

Gemini also must convince investors that it can eventually be profitable—and the company faces tough competition from the likes of Coinbase , Robinhood, Galaxy Digital , and others. Gemini posted a net loss of $282.5 million in the first half of this year, after losing $158.5 million in 2024. Revenue declined in the first six months of 2025, as well.

So even though Gemini could fly high on its debut day, the enthusiasm may not last long.

Write to Paul R. La Monica at paul.lamonica@barrons.com