Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, significantly raised its proposed price range for its U.S. initial public offering (IPO) on Tuesday, now targeting a listing valuation of up to $3.08 billion, reflecting investor interest in crypto enterprises.

The cryptocurrency exchange aims to raise $433.3 million by selling 16.67 million shares at a price range of $24 to $26 per share. This compares to the company's previously proposed range of $17 to $19 per share.

Earlier on Tuesday, according to sources familiar with the matter, the company secured Nasdaq as a strategic investor, with the latter planning to subscribe to $50 million worth of Gemini shares through a private placement during the IPO.

Gemini is expected to price its IPO on Thursday and will become the third cryptocurrency exchange to go public after Coinbase Global, Inc. and Bullish. Coinbase Global, Inc. was the first cryptocurrency exchange to join the S&P 500 index, while Bullish's stock price more than doubled when it listed on the New York Stock Exchange last month.

Gemini was founded by brothers Cameron and Tyler Winklevoss, who gained prominence after settling a legal dispute with Facebook under Meta and CEO Mark Zuckerberg in 2008.

Gemini is expected to list on Nasdaq under the ticker symbol "GEMI." Goldman Sachs and Citigroup serve as lead underwriters for the transaction.