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 memory.

The 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 reported.

The final pricing reflected robust investor demand even after Gemini lifted its proposed range from $17 to $19 last week.

Gemini IPO Capped At $425M Despite Heavier Demand

Bankers halted new orders ahead of pricing after the book filled at speed. Reuters reported that demand outpaced supply by more than twentyfold.

In a rare move, Gemini and its underwriters capped proceeds at $425m, even though the sale could have raised up to $433m without the limit.

Nasdaq committed to purchase 50m dollars worth of stock in a private placement at the IPO price. The 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 Webull.

The offering gives Gemini a market value of just over $3b dollars at the top of its pricing range. The company, incorporated as Gemini Space Station Inc. for the listing, is expected to begin trading on Friday under the symbol GEMI.

Goldman Sachs and Citigroup led the offering as joint bookrunners.

Winklevoss 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 IPO. Such structuring is rare but reflects the twin goals of maximizing pricing while maintaining control of the company’s equity base.

The Winklevoss brothers, who founded Gemini in 2014 as a regulated US crypto exchange, owned nearly the entire company before the sale. Filings show they will retain about 94.5% of voting power after the IPO, ensuring tight control even as the company becomes publicly traded.

The listing comes at a delicate moment for digital asset companies, which have seen valuations recover alongside Bitcoin’s climb above $115,000 this week. Investors appear willing to pay up for established exchanges, betting on growth in spot trading, custody services and exchange-traded products tied to digital assets.

Gemini 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 venues. By raising public capital, Gemini joins Coinbase and Robinhood in offering investors exposure to crypto markets without directly holding tokens.

Proceeds from the offering are expected to go toward technology expansion and strengthening compliance functions, though the company has not disclosed a detailed breakdown.

For now, the twin founders can claim a successful debut. After years of building Gemini against competition from Coinbase, Binance.US and Kraken, they now lead one of the most oversubscribed US listings of 2025.

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