Gemini Raises $425 Million in IPO, Priced Above Range at $28 per Share
Gemini Space Station, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, raised $425 million in its U.S. initial public offering on Thursday, pricing shares above the marketed range at $28 apiece.
Key Details
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Shares sold: 15.2 million
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IPO proceeds: $425 million (capped despite oversubscription of 20x)
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Valuation: $3.33 billion (non-diluted)
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Ticker symbol: GEMI (trading starts Friday on Nasdaq)
Demand and Pricing
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Initial IPO range: $17–$19, later raised to $24–$26 on strong demand.
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Final pricing at $28 reflects robust investor appetite.
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Nasdaq invested $50 million in a private placement alongside the IPO.
Sector Momentum
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Gemini’s IPO follows Figure Technology’s $787.5M debut on Wednesday and earlier offerings by Bullish and Circle.
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Record-high crypto prices and regulatory easing under President Trump are driving momentum for public listings.
Legal and Regulatory Context
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Gemini is still engaged in an SEC lawsuit over its crypto lending program, accused of failing to register before offering to retail investors.
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A status report on the case is due September 15.
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The exchange has been linked politically, with reports suggesting Tyler Winklevoss lobbied the White House against a CFTC nominee.
Market Significance
Gemini’s IPO highlights investor enthusiasm for crypto-linked equities and positions the firm as a high-profile player in the mainstream financial market, despite ongoing legal scrutiny.
