Gemini IPO Oversubscribed 20-Fold, Securing $425 Million Amid Strong Investor Demand

New York – Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has seen its initial public offering (IPO) oversubscribed more than 20 times, according to Reuters. This significant demand led to the company raising $425 million in its public debut. The strong investor interest underscores a growing appetite for crypto company listings in the current market.

The IPO, which priced its shares at $28 apiece, saw Gemini and its bankers cap the proceeds at $425 million despite overwhelming demand. Initially, the company had marketed shares in a range of $17 to $19, which was later raised to $24 to $26, before settling at the final price. This move, described as unusual, aimed to reduce the number of shares sold and create scarcity ahead of its Nasdaq debut.

Gemini's shares began trading on Nasdaq under the ticker "GEMI" on Friday, following the pricing on Thursday. The IPO values the New York City-based crypto exchange at approximately $3.33 billion on a non-diluted basis. Goldman Sachs and Citigroup served as the lead bookrunners for the offering.

The successful listing comes amidst a resurgence in the U.S. IPO market, particularly for digital asset companies. Nasdaq also committed a $50 million strategic investment in Gemini through a private placement, further boosting investor confidence. Other crypto firms, such as stablecoin issuer Figure Technology and CoinDesk owner Bullish, have also seen successful market debuts recently, reflecting a broader trend of institutional adoption and favorable regulatory policies.

Despite reporting a net loss of $282.5 million in the first half of 2025, a significant increase from the previous year, Gemini's strong debut indicates investor optimism. Analysts from Third Bridge anticipate a rise in trading volumes, driven by the company's substantial institutional client base. Gemini, founded in 2014, positions itself as a regulated exchange offering services for over 70 cryptocurrencies across more than 60 countries.