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The digital asset firm backed by the billionaire Winklevoss twins sold 15.2 million shares, and raised $425 million.
By Will Canny|Edited by Sheldon Reback
Sep 12, 2025, 11:58 a.m.
- Crypto exchange Gemini priced its IPO at $28/share, valuing the crypto exchange at about $3.3 billion.
- The company sold 15.2M shares, raising $425 million.
- The stock starts trading Friday.
Gemini, the crypto exchange backed by Tyler and Cameron Winklevoss, priced its initial public offering at $28 a share, valuing the company at around $3.3 billion.
The company sold 15.2 million shares, raising $425 million, it said in a Thursday press release. The IPO was 20 times oversubscribed, according to a Reuters report on Thursday.
STORY CONTINUES BELOW
The shares will start trading on the Nasdaq Global Select Market later Friday under the ticker symbol GEMI.
The exchange is the latest crypto native firm to go public. Rival exchange Bullish (BLSH), the owner of CoinDesk, sold shares at $37 each last month, above the expected $32-$33 range.
Gemini said in a filing pm Tuesday that TradFi giant Nasdaq (NDAQ), had agreed to buy $50 million of its Class A common stock in a private placement at a price equal to the IPO price.
Lead underwriters on the Gemini IPO were Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and Cantor.
Gemini raised the price range for the IPO to $24-$26, from $17-$19, in an updated S1 filing earlier in the week.
Read more: Crypto Exchange Gemini Boosts IPO Price Range to $24-$26 Per Share
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With the funding, the Nasdaq-listed firm aims to be the largest public corporate owner of Solana’s SOL.
What to know:
- Forward Industries (FORD) closed its previously announced $1.65 billion private placement to build out the largest corporate treasury focused on Solana.
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