Gemini Raises IPO Price Ahead of Nasdaq Debut, Set to Raise $425 Million
Crypto exchange Gemini Space Station, founded by brothers Tyler and Cameron Winklevoss, has increased the price of its shares to $28 ahead of its Nasdaq debut. This move is expected to help the company raise $425 million, valuing Gemini at over $3.3 billion.
Initially, Gemini had set the IPO price range at $17–$19, which was later adjusted to $24–$26 due to strong investor demand. The final price of $28 reflects continued enthusiasm for the offering. Additionally, the company reduced the number of shares issued to 15,178,572, with 758,929 shares reserved for a 30-day option plan.
Gemini’s shares are scheduled to begin trading on the Nasdaq Global Select Market under the ticker GEMI on September 12, 2025. The IPO is being led by major underwriters, including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor, while Nasdaq itself invested $50 million in a private placement.
After the IPO, the Winklevoss twins will retain over 94% ownership of the company, maintaining control over the business. Gemini also plans to reserve up to 10% of shares for insiders and loyal users, and 30% for retail investors through platforms such as Robinhood, SoFi, and Webull.
This IPO highlights renewed investor interest in the crypto sector, fueled by rising digital asset prices and a favorable regulatory environment. Gemini will become the third publicly listed crypto exchange, following Coinbase and Bullish.
Despite the successful IPO, the company faces legal challenges, including an SEC lawsuit over an unregistered crypto lending program, and political controversy after CFTC nominee Brian Quintenz accused one of the brothers of blocking his appointment.
Nevertheless, Gemini’s strong demand for its shares demonstrates high investor confidence in the company and its future growth prospects.
