Gemini raised $425M in a heavily oversubscribed IPO, pricing shares at $28 each and capping proceeds despite demand exceeding supply 20x, giving the exchange a $3B valuation. The Winklevoss twins retain 94.5% voting power, ensuring tight control as Gemini joins Coinbase and Robinhood among public US crypto exchanges.

Gemini Space Station Inc., the crypto exchange founded by Cameron and Tyler Winklevoss, has completed a high-demand initial public offering on Nasdaq, raising $425 million by selling about 15.2 million Class A shares at $28 each. The deal priced above an already increased marketing range of $24–$26 per share after an initial $17–$19 range, reflecting strong investor appetite despite the company disclosing growing losses. At the IPO price, Gemini was valued at roughly $3–3.3 billion on a fully diluted basis, a material discount to its 2021 peak private valuation of about $7.1 billion, but still positioning it among the larger listed crypto-native platforms. According to coverage of the transaction, demand for the offering was heavily oversubscribed, reportedly more than 20 times available shares, leading Gemini to cap the base deal size instead of expanding it further. The stock, listed under the ticker GEMI on Nasdaq, opened well above the IPO price and closed its first session at a premium, indicating robust secondary-market interest. Despite going public, governance remains tightly held: the Winklevoss twins retain over 90% of the company’s voting power, ensuring they maintain effective control after listing. Gemini’s debut adds another US-regulated crypto trading venue to public markets alongside Coinbase and Robinhood, and is being viewed as a fresh test of equity investor confidence in centralized exchanges and broader crypto adoption after a period of regulatory pressure and market volatility.

✨ AI-generated background, compiled from web sources — not editorial content.

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• Winklevosses' Crypto Exchange Gemini IPO Raises $425 Million (bloomberg.com)
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• Gemini Announces Launch of Initial Public Offering - PR Newswire (prnewswire.com)
• Gemini IPO: How to Buy Gemini Shares - Stake (hellostake.com)

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