Crypto exchange Gemini prices IPO above range to raise $425 million
Gemini logo is seen in this illustration taken September 9, 2025. REUTERS/Dado Ruvic/Illustration
Cryptocurrency firm Gemini Space Station raised $425 million in an initial public offering on Thursday, pricing its stock above a marketed range.
The company led by the billionaire twins Tyler and Cameron Winklevoss sold around 15.2 million shares for $28 apiece, after marketing them for $24 to $26, it said in a statement, confirming an earlier report by Reuters.
The IPO values Gemini at $3.33 billion on a non-diluted basis, according to a Reuters calculation.
The price range was lifted earlier this week from $17 to $19, underscoring robust investor demand.
New York City-based Gemini had capped IPO proceeds at $425 million, in a rare move, even as the offering drew orders more than 20 times the shares available, Reuters reported earlier in the day.
Record high prices for digital assets and regulatory wins have transformed the once beleaguered sector into an anchor for the IPO market, which has resumed a long-awaited recovery this fall after U.S. tariffs delayed listing plans in April.
Nasdaq had committed to a $50 million investment in a private placement at the time of the IPO. Reuters was the first to report on the investment.
Gemini will begin trading on Nasdaq on Friday under the ticker "GEMI".
Crypto listings are gathering momentum. Stablecoin issuer Figure Technology raised $787.5 million in an upsized U.S. IPO on Wednesday. Earlier this year, CoinDesk owner Bullish and stablecoin issuer Circle both enlarged their offerings.
The Securities and Exchange Commission under President Donald Trump has eased oversight of the crypto sector, which has frequently seen ventures from entities connected to him and his family.
Gemini has benefited as well, with the Winklevoss twins moving closer in April to resolving an SEC lawsuit claiming they failed to register a cryptocurrency asset lending program before offering it to retail investors.
The case has not been resolved. A status report from both sides is due by September 15.
In another display of the sector's proximity to Washington, Trump's Commodity Futures Trading Commission nominee accused Tyler Winklevoss on Wednesday of lobbying the White House to stall his nomination after a text exchange.
