TLDR
- Gemini IPO surges at $28, raising $425M and hitting $3.3B valuation.
- Winklevoss-led Gemini debuts strong on Nasdaq with full IPO subscription.
- Gemini’s $28 Nasdaq IPO oversubscribed 20x, valued at $3.3 billion.
- Crypto exchange Gemini raises $425M in hotly demanded Nasdaq debut.
- Gemini IPO caps at $28, $3.3B value, fueled by retail and institutional demand.
Gemini IPO launched on Nasdaq today at $28 per share, securing a company valuation of $3.3 billion. The crypto exchange, founded by Cameron and Tyler Winklevoss, achieved full subscription within hours. Strong market momentum and renewed digital asset interest supported its highly anticipated public debut.
Demand Drives Pricing and Allocation
The Gemini IPO attracted demand over 20 times the offered shares, creating unprecedented pressure on the order books. Lead underwriters, including Goldman Sachs and Citigroup, closed subscriptions earlier than planned. The firm raised its offering price from the initial $17–$19 to $28.
The offering raised $425 million, reaching the pre-set cap despite overwhelming demand. Nasdaq itself invested $50 million, signaling confidence in Gemini’s custody and staking services. The company intentionally limited proceeds to maintain scarcity and drive a strong listing debut.
Gemini also increased retail allocation from 10% to 30% of available shares. Platforms such as Robinhood, SoFi, and Webull distributed shares directly to retail buyers, broadening market access and positioning Gemini as a retail-inclusive offering.
Institutional and Strategic Positioning
Institutional participation remained significant, especially after Nasdaq’s involvement as a strategic investor. The exchange gained access to Gemini’s custody and staking services and integrated with Nasdaq’s Calypso platform. This partnership demonstrated Gemini’s ability to attract traditional financial institutions.
The offering structure emphasized long-term loyalty, allocating 10% of stock to employees, friends, and family. This approach balanced internal stakeholders with public market participants. Additionally, oversubscription highlighted growing confidence in regulated crypto platforms during a period of renewed industry optimism.
By pricing above the marketed range, Gemini distinguished itself from peers like Circle and Bullish. Both firms attracted institutional interest, but Gemini reinforced credibility through capped fundraising and targeted retail inclusion. This strategy established stronger foundations for long-term public trading.
Market Context and Growth Outlook
Crypto markets recovered recently, supported by favorable inflation and employment data in the United States. This broader market backdrop contributed to the enthusiasm surrounding the Gemini IPO. Positive sentiment also encouraged higher pricing and sustained interest from both institutional and retail buyers.
The firm joined a growing list of crypto companies raising significant capital through U.S. exchanges. Public offerings in 2025 have already raised $26.8 billion, surpassing 2024 totals. Gemini added momentum to this wave, proving sustained appetite for crypto-linked listings.
Gemini Space Station Inc. now trades on Nasdaq with strong capitalization and controlled float. The Winklevoss-led company expects to expand through institutional partnerships and continued retail participation. Its debut sets a new benchmark for digital asset exchanges in public markets.
