Gemini IPO Raises $425 Million in Oversubscribed Offering

Gemini’s initial public offering has reached its hard cap of $425 million, with the company selling around 15.2 million shares at $28 per share.

IPO Details

The stock was sold on the market for $24 to $26 per piece, with the company capping proceeds at $425 million despite being oversubscribed. This amount only includes funds raised from the public share sale and does not account for the separate $50 million private placement from Nasdaq itself at the IPO price.

Allocation of Shares

The Winklevoss twins’ crypto firm is allocating as much as 10% of the Gemini IPO for long-term loyal users, management, as well as employees, friends and family. Up to 30% of the shares will be allocated to retail investors on self-directed investing platforms operated by firms including Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.

U.S. Exchanges Raise Billions

According to reports, U.S. exchanges have raised up to $26.8 billion in 2025 alone, not including closed-end funds and other financial vehicles. This number has gone up significantly compared to the $20.4 billion raised back in 2024.

Creating Scarcity

As previously reported by bitpulse, the decision to hard cap its IPO earnings to $425 million serves to create scarcity ahead of the company’s debut. The move sacrifices potential capital in favor of reducing the number of shares sold in the public offering.

Overwhelming Demand

Gemini Space Station Inc. garnered more than 20 times its planned subscription orders for the IPO offering, surpassing the amount of shares available. Lead underwriters like Goldman Sachs and Citigroup had to close their order books early because of the overwhelming amount of orders that came in for the Gemini IPO.

Potential Market Value

If all the orders were accounted for, it would have been possible for Gemini to gain a market value of over $3 billion, according to calculations. However, the company chose to stick to its self-imposed hard cap, raising $425 million in the process.

Conclusion

The Gemini IPO has set a new ceiling for crypto firms, demonstrating the significant interest in the industry. With its strategic allocation of shares and creation of scarcity, Gemini is poised for a strong debut on the Nasdaq. As the crypto industry continues to grow, it will be interesting to see how Gemini and other firms navigate the market and capitalize on the increasing demand for cryptocurrency-related services.