Key Takeaway: Winklevoss twins’ platform values itself at $3.33 billion as crypto sector sees IPO renaissance
NEW YORK – Cryptocurrency exchange Gemini successfully priced its initial public offering above the marketed range on Thursday, raising $425 million by selling shares at $28 each—well above the initially expected $24-$26 range. The oversubscribed offering from the Winklevoss twins’ platform demonstrates surging investor appetite for crypto-related investments as digital asset prices hit record highs.
Strong Investor Demand Drives Premium Pricing
The IPO attracted overwhelming interest from institutional and retail investors, with demand exceeding available shares by more than 20 times. This unprecedented demand forced underwriters to halt new orders before pricing and cap total proceeds at $425 million, despite the potential to raise up to $433 million without such restrictions.
“The company had initially planned to offer 16.67 million shares but ultimately sold 15.2 million shares due to the demand-driven cap,” according to people familiar with the matter. The pricing represents a significant victory for founders Cameron and Tyler Winklevoss, who had already lifted the price range earlier in the week from the original $17-$19 target.
Nasdaq Partnership Adds Strategic Value
Adding institutional credibility to the offering, Nasdaq committed to a $50 million strategic investment through a private placement at the IPO price. The partnership extends beyond capital, with Nasdaq’s clients gaining access to Gemini’s custodial and staking services while Gemini will distribute Nasdaq’s Calypso trade management system.
“This collaboration represents a significant endorsement from traditional financial infrastructure for the crypto sector,” said industry analysts, noting Nasdaq’s role in bridging institutional clients with digital asset capabilities.
Trading Debut and Market Structure
Gemini’s Class A common stock began trading Friday on the Nasdaq Global Select Market under ticker symbol “GEMI.” Goldman Sachs and Citigroup served as lead bookrunners, with Morgan Stanley and Cantor also playing leading roles in the $425 million offering.
The company structured the IPO to include retail investor access, allocating up to 30% of shares through platforms including Robinhood, SoFi, and Webull. Additionally, 10% of the offering was reserved for long-time Gemini users, employees, and associates—a move designed to reward platform loyalty.
Part of Broader Crypto IPO Wave
Gemini’s successful debut occurs amid a broader surge in cryptocurrency-related public offerings. Figure Technology raised $787.5 million in an upsized IPO on Wednesday, with shares jumping 24% on debut. Earlier this year, stablecoin issuer Circle raised over $1 billion and saw its stock increase 167% on the first trading day.
The momentum reflects record digital asset prices and regulatory wins that have transformed the previously embattled crypto sector. The Securities and Exchange Commission under the current administration has eased oversight, creating a more favorable environment for digital asset companies to access public markets.
Financial Performance Shows Mixed Results
Despite the IPO success, Gemini faces financial headwinds. The company reported a net loss of $282.5 million in the first half of 2025, substantially higher than the $41.4 million loss during the same period in 2024. Revenue declined 7.7% year-over-year to $68.6 million in the first six months of 2025.
However, operational metrics tell a different story. Monthly transacting users increased to 523,000 in H1 2025 from 497,000 in H1 2024, while trading volume surged to $24.8 billion from $16.6 billion. Platform assets under custody reached $18.2 billion by the end of 2024, nearly doubling from $9.7 billion in 2023.
Regulatory Challenges Being Resolved
Gemini has made significant progress resolving regulatory challenges that previously clouded its prospects. In January 2025, the company settled with the Commodity Futures Trading Commission, paying a $5 million civil penalty over allegations related to Bitcoin futures discussions in 2017.
The exchange is also moving toward resolving an SEC lawsuit over its defunct Gemini Earn program, which allowed customers to lend crypto assets to now-bankrupt Genesis Global Capital. A status report on the ongoing case is due September 15.
Founded by Facebook Settlement Alumni
Founded in 2014 by Cameron and Tyler Winklevoss—who gained notoriety after their legal settlement with Facebook’s Mark Zuckerberg—Gemini has positioned itself as a regulated, compliance-first cryptocurrency exchange. The platform operates in over 60 countries and has facilitated more than $285 billion in cumulative trading volume since inception.
The twins invested $11 million in Bitcoin in 2013 when the price was around $120, ultimately becoming some of the first crypto billionaires. Their early Bitcoin ETF proposals to the SEC, though initially rejected, helped normalize regulated crypto investment products.
Market Implications
Gemini joins Coinbase and Bullish as publicly traded cryptocurrency exchanges, with its successful pricing demonstrating continued investor confidence in the sector despite recent market volatility. The company’s $3.33 billion valuation reflects premium pricing for regulated crypto infrastructure as institutional adoption accelerates.
The IPO’s success, combined with recent crypto exchange debuts, signals a maturing market where compliance-focused platforms command significant investor interest. As traditional financial institutions increasingly embrace cryptocurrency services, exchanges like Gemini are positioned to benefit from growing institutional demand for digital asset infrastructure.
Trading begins Friday under ticker “GEMI” on Nasdaq Global Select Market.
Source: This report is based on information from Reuters and Yahoo Finance and other financial news outlets covering Gemini’s IPO pricing and trading debut on September 11-12, 2025.
