Gemini Space Station Inc., the crypto exchange founded by Cameron and Tyler Winklevoss, successfully raised $425 million in its Nasdaq debut, making it one of the most oversubscribed digital asset IPOs of the year.
The company priced 15.2 million shares at $28 apiece, well above its original $24–$26 range. The IPO price had already been revised upward from an earlier target of $17–$19. According to Bloomberg, investor demand surpassed supply by more than 20 times, prompting bankers to close the books early.
Despite the enthusiasm, Gemini capped total proceeds at $425 million, even though it could have raised up to $433 million without the limit. Nasdaq also committed $50 million via a private placement at the IPO price, while retail investors on Robinhood, SoFi, and Webull were allotted up to 30% of the offering.
Gemini now holds a market valuation of just over $3 billion post-IPO. Shares will trade under the ticker symbol GEMI beginning Friday.
Led by Goldman Sachs and Citigroup, the IPO structure was unusual. Rather than expanding the deal size with rising demand, Gemini reduced the number of shares to keep control tightly held. As a result, the Winklevoss twins will maintain 94.5% voting control, as confirmed in the company’s filings.
Gemini, founded in 2014 as a regulated US crypto exchange, has emerged as a key player in digital asset infrastructure. The listing comes as Bitcoin trades above $115,000, reviving investor interest in crypto firms after a long regulatory winter.
While Gemini has not detailed how the proceeds will be spent, the funds are expected to support tech development and compliance upgrades.
This public debut aligns Gemini with other US-listed crypto firms like Coinbase and Robinhood, offering equity-based exposure to crypto markets without directly holding digital assets.
As regulation tightens, Gemini’s IPO success signals continued institutional confidence in crypto infrastructure, especially when backed by recognizable founders and a strong user base.