Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has increased its initial public offering (IPO) to raise $433 million and is seeking a valuation above $3 billion. This adjustment, revealed in an updated prospectus filed with the Securities and Exchange Commission, marks a shift from the original price range of $17 to $19 per share to a new range of $24 to $26. The offering will consist of approximately 16.67 million shares. The rise in Gemini’s valuation reflects a growing investor interest in crypto-related firms following a favorable change in the market, bolstered by increased trading volume which reached $24.8 billion in the first half of the year, a nearly 50% increase year-over-year. However, the company has reported a net loss of $282.47 million, up from $41.37 million the year prior. Notably, Nasdaq is supporting Gemini's IPO, committing to purchase 2.11 million shares. The strong interest in crypto companies this year is evidenced by the performances of other firms like Circle and Coinbase, which also recently harnessed market interest to drive their valuations.

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