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Winklevoss Crypto Exchange Gemini IPO Over 20x Oversubscribed

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The upcoming U.S. IPO of Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has been met with extraordinary investor demand, drawing more than 20 times the number of orders for available shares, according to sources familiar with the matter.

Key IPO Details

  • Shares on offer: 16.67 million

  • Price range raised: $24–$26 (up from $17–$19)

  • Proceeds capped: $425 million (even with stronger demand, higher pricing will shrink the number of shares sold rather than increase the raise).

  • Market value: Over $3 billion at the top end of the range.

  • Ticker: GEMI on Nasdaq

  • Lead underwriters: Goldman Sachs and Citigroup

Additionally, Nasdaq has committed $50 million in a private placement at the time of the IPO.

Context and Market Momentum

The IPO comes amid a wave of crypto listings, fueled by regulatory wins under a pro-crypto White House, increased corporate adoption, and inflows from crypto-linked ETFs. The digital asset market recently topped $4 trillion in value.

Recent activity includes:

  • Figure Technology raised $787.5 million in an upsized IPO on Wednesday.

  • Circle (stablecoin issuer) and Bullish (CoinDesk owner) also expanded their offerings earlier this year.

What’s Next

Gemini shares are set to begin trading Friday. The massive oversubscription suggests a strong aftermarket debut, potentially setting the tone for more high-profile crypto IPOs in the months ahead.

Gemini Raises IPO Price Range, Eyes $3B Valuation in Crypto Market Surge

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Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has increased its IPO price range to $24–$26 per share, aiming for a valuation of up to $3.08 billion. The move reflects heightened investor appetite for crypto ventures amid a broader revival in U.S. equity markets.

IPO Details

  • Shares Offered: 16.67 million

  • Proceeds: Up to $433.3 million at the new range

  • Previous Range: $17–$19 per share

  • Private Placement: Nasdaq to purchase $50 million in shares, as reported by Reuters earlier Tuesday.

  • Ticker Symbol: GEMI, to list on Nasdaq

  • Lead Bookrunners: Goldman Sachs and Citigroup

Market Context

  • IPO Climate: U.S. listings have picked up pace as lower interest rates and strong equity sentiment bolster demand.

  • Crypto Firms in Focus: Figure Technologies also raised its IPO size and pricing range the same day.

  • Regulatory & Institutional Support: Tailwinds from ETF approvals and institutional adoption are narrowing the divide between traditional finance and digital assets.

Competitive Landscape

  • Gemini will become the third publicly traded crypto exchange, following:

    • Coinbase (COIN.O): First to join the S&P 500

    • Bullish: Shares more than doubled after its NYSE debut last month

Background

  • Founders: Cameron and Tyler Winklevoss, known for their 2008 legal dispute with Facebook (now Meta) and early Bitcoin investments.

  • Positioning: Gemini holds billions in assets and offers a mix of trading, custody, staking, and institutional services.

Oracle Cloud Orders Near $500 Billion, Shares Jump 27%

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Oracle (ORCL.N) announced Tuesday that it expects its booked revenue in cloud infrastructure to surpass half a trillion dollars, sending shares soaring 27% after hours. The surge reflects rising demand for its low-cost AI cloud infrastructure and strong multi-cloud partnerships.

Key Highlights

  • Booked Revenue (RPO): Jumped 359% year-on-year to $455 billion in Q1 (ending August 31).

  • Future Growth: CEO Safra Catz said upcoming multi-billion-dollar deals are expected to push RPO beyond $500 billion.

  • Revenue Forecast: Oracle projects 77% growth in OCI revenue this fiscal year to $18B, rising to $144B over the next 4 years.

  • AI Integration: Customers can now directly connect databases to ChatGPT, Gemini, and Grok via Oracle Cloud.

  • MultiCloud Strategy: Partnerships with Amazon, Google, and Microsoft drove a 1,529% increase in first-quarter multi-cloud revenue. Oracle plans 37 new datacenters, bringing the total to 71 with hyperscaler partners.

Market Impact

  • Shares: Up 45% YTD, boosted further by the after-hours spike.

  • Contracts: Four multi-billion-dollar deals with three customers supported overall Q1 revenue growth of 12% to $14.93B.

  • Q2 Guidance: Total revenue expected to rise 12–14%, with cloud revenue growing 32–36%.

Analyst Views

  • Analysts see Oracle emerging as a key AI cloud player, despite being smaller than hyperscaler rivals.

  • “Oracle is not just keeping up but actually leading the way in the cloud space,” said Melissa Otto, S&P Global Visible Alpha.

  • Jacob Bourne, eMarketer: “Enterprises are clearly eager for cost-effective AI cloud tools, and Oracle is positioning itself to capture that demand.”