Gemini raised $425 million through its initial public offering by selling 15.18 million Class A shares for $28 each, according to a press release.
The crypto exchange previously announced an anticipated market price of $24 to $26, which was an increase from its earlier estimate of $17 to $19.
Winklevoss twins-led company goes live on the Nasdaq Global Select Market on Friday under the ticker symbol GEMI, with the offering scheduled to close on Monday. Goldman Sachs, Citigroup, Morgan Stanley and Cantor are its lead bookrunners.
Additionally, as part of the offering, the company and its selling stockholders have granted underwriters a 30-day option to purchase over 750,000 additional shares to cover over-allotments. Gemini noted that it will not receive any proceeds from the sale of shares by the selling stockholders.
According to a report from Bloomberg, the Winklevoss twins are expected to control about 94.5% of the voting power after the IPO.
Furthermore, the Bloomberg report said that Nasdaq Inc. agreed to purchase $50 million in shares at the IPO price in a private placement. Separately, Gemini has reserved as much as 10% of the offering for insiders and long-standing users, with up to 30% allocated to retail investors on platforms like Robinhood, SoFi, and Webull.
This IPO makes Gemini the third U.S.-listed crypto exchange, following Coinbase and Bullish. Gemini also joins a growing list of crypto companies that have gone public, a recent example being Figure Technology and a blockbuster IPO from stablecoin issuer Circle earlier this year.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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