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Gemini raised $425M in its IPO, pricing shares at $28 each.
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Nasdaq Inc. bought $50M in stock during the offering.
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Winklevoss twins retain over 94% voting control post-IPO.
Strong Demand for Gemini IPO
Crypto exchange Gemini successfully raised $425 million through its initial public offering on the Nasdaq, pricing shares above expectations at $28 each. The company sold 15.18 million Class A shares, while underwriters were granted an option to purchase an additional 750,000 shares.
Demand was strong enough to push pricing higher than the anticipated $24–$26 range. Goldman Sachs, Morgan Stanley, Citigroup, and Cantor Fitzgerald served as lead bookrunners.
Ownership and Institutional Support
Even after the IPO, the Winklevoss twins are expected to control about 94.5% of Gemini’s voting power. Nasdaq itself bought $50 million worth of shares during the IPO in a private placement, showing institutional confidence.
The company also reserved up to 30% of the offering for retail investors using platforms like Robinhood, SoFi, and Webull, with 10% allocated to long-standing Gemini users.
Context Among U.S. Crypto Exchanges
Gemini becomes the third U.S.-listed crypto exchange after Coinbase and Bullish. The IPO comes in a year of high-profile listings, including Circle and Figure Technologies.
The GEMI ticker began trading on Friday and adds another public player in an increasingly competitive crypto exchange sector.
