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Gemini IPO 20× Oversubscribed, Proceeds Capped at $425 Million

Nasdaq’s reported $50 million commitment remains publicly contested, with the exchange describing the relationship as a non‑exclusive partnership.

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo
Nasdaq to invest $50 million in winklevoss twins' gemini crypto exchange: reuters
Tyler Winklevoss and Cameron Winklevoss react on the day of U.S. President Donald Trump signs the "Genius Act", which will develop regulatory framework for stablecoin cryptocurrencies and expand oversight of the industry, at the White House in Washington, D.C., U.S., July 18, 2025. REUTERS/Nathan Howard/File Photo
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Overview

  • Books closed ahead of pricing as investor orders eclipsed available shares by more than 20 times, and any further price increase would cut the share count rather than lift proceeds.
  • Pricing is slated for Thursday with trading expected Friday on the Nasdaq under the ticker GEMI, subject to market and regulatory conditions.
  • Gemini is offering 16.67 million shares at a raised range of $24–$26, targeting roughly $433 million in gross proceeds and a valuation of about $3.1 billion.
  • Multiple outlets report Nasdaq agreed to buy $50 million of shares in a private placement tied to the IPO, while a Nasdaq spokesperson has framed the arrangement as a non‑exclusive partnership rather than an IPO allocation.
  • The company reported a first‑half 2025 net loss of $282.5 million on $68.6 million in revenue, and filings indicate proceeds are intended for operations, debt reduction and growth initiatives.