Crypto Exchange Gemini Raises $425M In Heavily Oversubscribed IPO

Gemini Space Station’s initial public offering pulled in $425m late Thursday marking one of the strongest debuts for a digital asset platform in recent ￰1￱ New York-based firm founded by Cameron and Tyler Winklevoss priced 15.2m shares at $28 each

above its earlier guidance of $24 to $26 Bloomberg ￰2￱ final pricing reflected robust investor demand even after Gemini lifted its proposed range from $17 to $19 last ￰3￱ IPO Capped At $425M Despite Heavier Demand Bankers halted new orders ahead of pricing after the book filled at ￰4￱ reported that demand outpaced supply by more than ￰5￱ raised $425 million in an initial public offering pricing its stock above a marketed range and shrinking the number of shares according to a person familiar with the matter ￰0￱ — Bloomberg (@business) September 11

2025 In a rare move Gemini and its underwriters capped proceeds at $425m even though the sale could have raised up to $433m without the ￰6￱ committed to purchase 50m dollars worth of stock in a private placement at the IPO ￰7￱ deal also set aside as much as 10% of shares for long-standing users employees and close associates

and up to 30% for retail investors on platforms such as Robinhood SoFi and ￰8￱ offering gives Gemini a market value of just over $3b dollars at the top of its pricing ￰9￱ company incorporated as Gemini Space Station ￰10￱ the listing is expected to begin trading on Friday under the symbol ￰11￱ Sachs and Citigroup led the offering as joint ￰12￱ Twins Retain 94.5% Voting Power The decision to cap proceeds meant any further price increase reduced the number of shares sold rather than expanding the total size of the ￰13￱ structuring is rare but reflects the twin goals of maximizing pricing while maintaining control of the company’s equity ￰14￱ Winklevoss brothers

who founded Gemini in 2014 as a regulated US crypto exchange owned nearly the entire company before the ￰15￱ show they will retain about 94.5% of voting power after the IPO ensuring tight control even as the company becomes publicly ￰16￱ listing comes at a delicate moment for digital asset companies which have seen valuations recover alongside Bitcoin’s climb above $115,000 this ￰17￱ appear willing to pay up for established exchanges

betting on growth in spot trading custody services and exchange-traded products tied to digital ￰18￱ Keeps Use Of Funds Broad And Undisclosed The IPO’s success also points to rising appetite for equity in crypto infrastructure even as regulators in the US step up scrutiny of trading ￰19￱ raising public capital Gemini joins Coinbase and Robinhood in offering investors exposure to crypto markets without directly holding ￰20￱ from the offering are expected to go toward technology expansion and strengthening compliance functions

though the company has not disclosed a detailed ￰21￱ now the twin founders can claim a successful ￰22￱ years of building Gemini against competition from Coinbase ￰23￱ and Kraken they now lead one of the most oversubscribed US listings of 2025.