- Gemini, the crypto exchange led by the Winklevoss twins, raised $425 million in its Nasdaq debut after pricing shares at $28 each, above expectations.
- The IPO makes Gemini the third U.S.-listed exchange, with the twins retaining 94.5% voting power as the company joins peers like Coinbase and Bullish on public markets.
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, successfully raised $425 million in its highly anticipated initial public offering (IPO) on Friday, cementing its position among the few U.S.-listed crypto trading platforms.
The company priced its 15.18 million Class A shares at $28 each, a premium over its previously announced range of $24 to $26 and significantly higher than its initial estimate of $17 to $19. The stronger-than-expected pricing reflects heightened investor demand despite ongoing volatility in crypto markets.
Trading under the ticker GEMI on the Nasdaq Global Select Market, Gemini’s shares officially went live Friday, with the offering scheduled to close on Monday. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald served as the lead bookrunners.
The IPO also included a 30-day option for underwriters to purchase over 750,000 additional shares to cover potential over-allotments.
Winklevoss Twins Retain Control
Despite going public, Gemini will remain firmly under the influence of its co-founders. According to Bloomberg, the Winklevoss twins are expected to retain 94.5% of the company’s voting power, ensuring that the strategic direction of the exchange remains in their hands.
Adding further weight to the debut, Nasdaq Inc. agreed to purchase $50 million worth of shares at the IPO price through a private placement. Gemini also set aside a portion of shares for insiders and long-time users, with 10% of the offering reserved for them.
Meanwhile, up to 30% was allocated to retail investors via platforms like Robinhood, SoFi, and Webull, broadening access to its equity base.
Third U.S.-Listed Crypto Exchange
With its IPO, Gemini becomes the third U.S.-listed cryptocurrency exchange, joining the ranks of Coinbase and Bullish. This milestone underscores the exchange’s ambition to stand alongside larger industry peers and expand its footprint in a growing but heavily regulated market.
The listing also comes amid a surge of crypto companies tapping into public markets. Stablecoin issuer Circle made headlines earlier this year with a blockbuster IPO, while firms like Figure Technologies have also gone public, reflecting increased investor interest in digital asset infrastructure.
Market Reaction and Outlook
While Gemini has not yet disclosed the immediate post-IPO trading performance, the oversubscription of its offering and elevated share pricing point to strong institutional and retail interest.
Analysts suggest the capital raised will give Gemini additional firepower to expand its product offerings, navigate evolving regulatory frameworks, and compete against established rivals in both centralized and decentralized finance sectors.
For now, the IPO signals investor confidence in Gemini’s long-term vision and the staying power of the Winklevoss-led brand. As crypto adoption continues to accelerate globally, Gemini’s public market debut marks a pivotal step in bridging Wall Street and the digital asset economy.
