Gemini Space Station’s IPO Rockets to $425 Million on Nasdaq Debut

Lead Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, priced its initial public offering at $28 per share and raised $425 million on Nasdaq today under the ticker “GEMI,” amid demand more than 20 times available shares.

Nut Graf As the third U.S. crypto exchange to go public, Gemini capitalized on robust investor appetite and strategic support from Nasdaq-marking a landmark moment for digital-asset listings and signaling confidence in the sector’s growth.

Market Debut Details

IPO Pricing: 15.2 million Class A shares at $28 each, above the revised $24-26 range.
Proceeds Cap: Gemini limited its haul to $425 million despite oversubscription, foregoing an extra $8 million of potential proceeds.
Private Placement: Nasdaq committed $50 million at the IPO price, becoming a strategic investor.

Valuation and Demand

Market Cap: Implied valuation of roughly $3.3 billion upon listing.
Subscription: Orders exceeded supply by over 20 times, prompting bookrunners to halt new orders ahead of pricing.

Underwriting and Allocation

Lead Bookrunners: Goldman Sachs and Citigroup; Morgan Stanley and Cantor also co-led.
Retail Access: Up to 30% of shares allocated via Robinhood, SoFi and Webull; 10% reserved for insiders and long-term users.

Sector Context Gemini’s IPO joins a wave of crypto-related listings following Circle and Bullish earlier this year. While Coinbase remains the largest U.S. exchange, Gemini aims to leverage its credit-card rewards program, stablecoin offerings and institutional partnerships to expand market share.

Outlook With trading commenced, analysts will watch first-day performance closely as a barometer for crypto-equity sentiment. Gemini’s cap on proceeds and premium pricing underscore both management’s emphasis on control and investors’ bullish stance on digital-asset infrastructure.