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Gemini Raises $425 Million in IPO, Priced Above Range at $28 per Share

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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

  • Shares sold: 15.2 million

  • IPO proceeds: $425 million (capped despite oversubscription of 20x)

  • Valuation: $3.33 billion (non-diluted)

  • Ticker symbol: GEMI (trading starts Friday on Nasdaq)

Demand and Pricing

  • Initial IPO range: $17–$19, later raised to $24–$26 on strong demand.

  • Final pricing at $28 reflects robust investor appetite.

  • Nasdaq invested $50 million in a private placement alongside the IPO.

Sector Momentum

  • Gemini’s IPO follows Figure Technology’s $787.5M debut on Wednesday and earlier offerings by Bullish and Circle.

  • Record-high crypto prices and regulatory easing under President Trump are driving momentum for public listings.

Legal and Regulatory Context

  • Gemini is still engaged in an SEC lawsuit over its crypto lending program, accused of failing to register before offering to retail investors.

  • A status report on the case is due September 15.

  • 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.

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.

Figure Valued at $7.6 Billion After Strong Nasdaq Debut

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Figure Technology (FIGR.O) surged 44% in its Nasdaq debut on Thursday, closing with a market valuation of $7.62 billion, signaling strong investor appetite for crypto-linked firms with tangible business models.

IPO Details

  • Offer price: $25 per share

  • Opening trade: $36 per share

  • Capital raised: $787.5 million via 31.5 million shares, upsized from 26 million after strong demand

  • IPO priced above the raised range of $20–$22 per share

This marks one of the most successful debuts in a busy IPO week, the strongest since 2021, as buoyant equity markets reignite investor interest following April’s tariff-driven volatility.

Figure’s Business Model

Founded in 2018 by Mike Cagney (previously co-founder of SoFi), Figure focuses on blockchain-powered housing finance rather than speculative crypto holdings.

  • Facilitated $6 billion in home equity lending in the year ended June 30, up 29% year-on-year.

  • Built the Provenance blockchain to originate, verify, and process home-equity loans.

  • 10 of the top 20 mortgage companies and 20+ large banks now use its technology.

Cagney criticized crypto-treasury strategies, telling Reuters: “Blockchain never loses an opportunity to shoot itself in the foot. Treasury strategies do not represent the full potential of the technology.”

Market Context

Unlike firms that boosted valuations by hoarding bitcoin or ether — and have since seen share prices slump — Figure emphasizes blockchain infrastructure with revenue growth and industry adoption.

Meanwhile, crypto exchange Gemini, backed by the Winklevoss twins, is preparing for its own New York IPO on Friday, adding momentum to the sector’s march into mainstream markets.