Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has successfully raised $425 million through its initial public offering (IPO), pricing its Class A shares at $28 each. The company sold 15.18 million shares and began trading on the Nasdaq Global Select Market today under the ticker symbol GEMI.
The final IPO price of $28 exceeded the company’s previously anticipated ranges. Gemini had initially estimated a price between $17 and $19 per share, later raising the target to $24 to $26. The offering is scheduled to officially close on Monday.
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are serving as the lead bookrunners for the offering. In addition to the shares sold, the company and its selling stockholders have granted underwriters a 30-day option to purchase over 750,000 additional shares to cover potential over-allotments. Gemini stated it will not receive any proceeds from the sale of shares by the selling stockholders.
Following the IPO, the Winklevoss twins are expected to retain significant control, with a report from Bloomberg estimating they will hold approximately 94.5% of the company’s voting power.
In a separate development, Nasdaq Inc. agreed to purchase $50 million in shares at the IPO price through a private placement. The company also allocated a portion of the offering for its community, reserving up to 10% of the shares for insiders and long-standing users. Additionally, as much as 30% of the offering was allocated to retail investors on platforms such as Robinhood, SoFi, and Webull.
Gemini’s public listing makes it the third US-listed crypto exchange, following Coinbase and Bullish. The company joins a growing list of digital asset firms that have gone public this year, including Figure Technology and stablecoin issuer Circle, which completed its own blockbuster IPO earlier this year.
