Overview

• Gemini sold about 15.2 million shares to raise $425 million, valuing the crypto exchange at roughly $3.3 billion on a non-diluted basis, with shares set to trade under the ticker GEMI.
• The final price came in above the upsized $24–$26 range that itself was lifted from an earlier $17–$19 marketing range.
• Reuters and company materials indicated the order book was more than 20 times covered as Gemini and its banks enforced the $425 million cap.
• Nasdaq committed a $50 million strategic investment via a private placement, and lead underwriters include Goldman Sachs, Citigroup and Morgan Stanley with an option to sell additional shares.
• Filings show 2024 revenue of $142.2 million with a $158.5 million net loss and a first-half 2025 net loss of about $282.5 million, as the company targets product expansion, international growth and derivatives with IPO proceeds.