- Gemini IPO raises $425M with Nasdaq’s rare $50M investment boost.
- Demand for Gemini shares surged 20x signaling confidence in crypto.
- Nasdaq partners with Gemini bridging traditional finance and crypto innovation.
Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, made a powerful debut on the Nasdaq Global Select Market under the ticker GEMI. The company priced its IPO at $28 per share, raising $425 million and bringing its valuation to $3.3 billion. This strong debut highlights growing investor confidence and signals increasing interest in digital assets.
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20x Oversubscription Signals Strong Market Demand
Gemini’s IPO was met with a remarkable response, with the 15.2 million shares offered oversubscribed by more than 20 times. This demand showcases heightened institutional interest in crypto exchanges, further demonstrating the broader acceptance of digital asset companies in public markets. Similar trends have been observed in other recent IPOs like Bullish and Figure Technology, indicating a growing openness to crypto firms within traditional financial markets.
Nasdaq’s $50M Investment Reinforces Confidence
In a rare move, Nasdaq invested $50 million in Gemini during its IPO, reinforcing its confidence in the exchange’s future. Additionally, the companies announced a partnership to collaborate on services such as custody, staking, and collateral management through Nasdaq’s Calypso platform. This alliance strengthens Gemini’s position by aligning it with established financial infrastructure, bridging the gap between traditional finance and the evolving crypto sector.
Gemini Increases IPO Price Range Amid Strong Investor Interest
Before its debut, Gemini adjusted its IPO target range from $17–$19 to $24–$26 per share, reflecting strong investor enthusiasm. The company aimed to sell 16.67 million shares at the upper end of the revised range, potentially raising up to $433.3 million. If underwriters exercise their option to increase the offering, the number of shares could rise to 17.12 million. After the IPO, Gemini’s market valuation is expected to be around $3.09 billion, with 118.8 million shares outstanding.
Crypto IPO Activity Accelerates in 2025
Gemini’s successful listing is part of a growing trend of crypto-related IPOs in 2025. Other firms like Figure Technology, Bullish, and Circle have also gone public, signaling a shift in institutional interest toward digital assets. As crypto ETFs attract more investments and regulatory clarity improves, the appetite for equity exposure to digital assets continues to increase.
Legal Issues Persist, but Outlook Remains Positive
Despite the IPO’s success, Gemini faces legal challenges, particularly a lawsuit with the SEC over its former Earn program. Analysts caution that the ongoing litigation could impact Gemini’s stock price in the short term. However, the overwhelming demand for its shares and the investment from Nasdaq demonstrate continued investor confidence in the exchange’s long-term prospects.
Gemini’s listing on Nasdaq marks a significant achievement for the exchange and the wider digital asset sector. As a newly public company, it sets a new benchmark for other crypto exchanges, especially in areas such as exchange volume, staking, and custody services. The strong reception underscores the growing mainstream adoption of crypto companies in traditional financial markets.
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