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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.

Elon Musk Granted Extension to Respond to SEC Lawsuit Over Twitter Stake Disclosure

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Elon Musk has been granted an additional six weeks by the U.S. Securities and Exchange Commission (SEC) to respond to a civil lawsuit alleging that he delayed disclosing his large stake in Twitter in 2022. The new deadline for Musk’s response is now July 18, extended from the original June 6 date.

The SEC and Musk jointly agreed to the extension in a federal court filing in Washington, D.C., describing the delay as “reasonable and in the interest of conserving judicial resources.”

The SEC’s lawsuit claims that Musk’s 11-day delay in revealing his initial 5% ownership in Twitter allowed him to purchase over $500 million worth of additional shares at artificially suppressed prices, disadvantaging other investors. The agency is seeking a civil penalty and the forfeiture of profits Musk allegedly gained unfairly.

Binance and SEC Seek Delay in Legal Battle as New US Crypto Policy Develops

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Binance and the U.S. Securities and Exchange Commission (SEC) have jointly requested a 60-day pause in the SEC’s lawsuit against the crypto exchange. This motion, filed on Monday, comes amid the formation of a new SEC task force aimed at regulating the cryptocurrency industry, which may influence the outcome of the case.

The stay request marks a shift away from the SEC’s aggressive crypto enforcement under previous Democratic leadership. The task force, launched last month, is expected to play a role in shaping regulations that could impact the resolution of ongoing cases, including Binance’s. This development is seen by some as a sign of the SEC’s potential pivot toward a more crypto-friendly stance, aligning with President Donald Trump’s vision to establish the U.S. as a global leader in the crypto space.

The SEC’s ongoing lawsuit, filed in June 2023, accuses Binance and its founder, Changpeng Zhao, of inflating trading volumes, diverting customer funds, and misleading investors regarding market surveillance controls. Binance has consistently denied the charges, claiming the case is without merit. The company is eager to resolve the matter and focus on maintaining its position as a secure and trusted exchange.

While the SEC has declined to comment beyond the court filing, the motion reflects broader changes at the agency, including a shift in leadership priorities under President Trump’s administration. At a Federalist Society event, SEC Commissioner Hester Peirce criticized the previous approach of using enforcement to set policy, suggesting that a new direction was needed.

Some critics, however, view the stay as a sign of the SEC’s shifting stance on crypto. Former SEC official Corey Frayer expressed concern, arguing that delaying the case could signify the agency’s failure to uphold its duties in protecting investors and enforcing securities laws.

Binance’s legal troubles have also included an admission in November 2023 that the exchange violated anti-money laundering laws, with Zhao serving prison time for related charges. Despite these issues, the overall approach to crypto regulation has shifted sharply since President Trump took office, with the administration making efforts to position the U.S. as a more crypto-friendly environment.