The initial public offer of the Gemini Space Station obtained $ 425 million on Thursday night, marking one of the strongest debuts for a digital asset platform in recent memory.
The firm based in New York, founded by Cameron and Tyler Winklevos, with a price of 15.2 million shares at $ 28 each, above its previous guide from $ 24 to $ 26, Bloomberg reported.
The final price reflected the solid demand for investors even after Gemini lifted its proposed range of $ 17 to $ 19 last week.
Gemini IPO limited to $ 425 million despite the heaviest demand
The bankers stopped new orders before prices after the book was filled at speed. Reuters reported that the demand exceeded the supply in more than twenty times.
In a rare movement, Gemini and its subscribers limited the revenues of $ 425 million, although the sale could have raised up to $ 433 million without the limit.
Nasdaq promised to buy shares of 50m dollars in a private placement at the price of the opi. The agreement also reserves up to 10% of the shares for long -standing users, employees and nearby associates, and up to 30% for retail investors on platforms such as Robinhood, Sofi and Webull.
The offer gives Gemini a market value of just over $ 3b in dollars at the top of its price range. The company is expected to be incorporated as Gemini Space Station Inc. for the list, will begin to quote Friday under the Gemi symbol.
Goldman Sachs and Citigroup led the offer as joint branches.
Winklevos Twins retains 94.5% of voting power
The decision to limit income meant that any additional price increase reduced the number of shares sold instead of expanding the total size of the opi. Such structuring is rare, but reflects the twin objectives of maximizing prices while maintaining control of the company’s capital base.
The Winklevos brothers, who founded Gemini in 2014 as a cryptographic exchange regulated by the United States, had almost the entire company before the sale. The presentations show that they will retain around 94.5% of the voting power after the OPI, ensuring strict control even when the company is negotiated publicly.
The list arrives at a delicate time for digital asset companies, which have seen that the valuations recover along with the Bitcoin climb above $ 115,000 this week. Investors seem willing to pay for established exchanges, betting on growth in spot trade, custody services and bags linked to the stock market linked to digital assets.
Gemini maintains the use of broad and not revealed funds
The success of the OPI also points to the increase in appetite for equity in cryptographic infrastructure, even when regulators in the United States intensify the scrutiny of commercial places. When collecting public capital, Gemini joins Coinbase and Robinhood to offer exposure to investors to cryptography markets without having tokens directly.
The income of the offer is expected to be destined for the expansion of technology and when strengthening compliance functions, although the company has not revealed a detailed breakdown.
For now, twin founders can claim a successful debut. After years of building Gemini against the competition of Coinbase, Binance.us and Kraken, they now lead one of the most subscribed American listings of 2025.
The post Crypto Exchange Gemini raises $ 425 million in IPO very signed in excess first appeared in Cryptonews.
