Gemini Space Station Inc., the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, completed its initial public offering Thursday, raising $425 million and reaching a valuation of just over $3 billion.
According to Reuters, the IPO was more than 20 times oversubscribed, but Gemini and its underwriters chose to cap proceeds at $425 million. This rare move reduced the share count rather than expanding the size of the sale in order to create scarcity ahead of trading.
Gemini raised $425 million in an initial public offering, pricing its stock above a marketed range and shrinking the number of shares, according to a person familiar with the matter https://t.co/dAfdvXCuwW
— Bloomberg (@business) September 11, 2025
Pricing and allocations
The exchange sold 15.2 million shares at $28 each, above the $24–$26 per-share guidance. Earlier, Gemini had indicated a lower $17–$19 range before increasing its target based on strong demand.
SEC filings reviewed for the IPO show the company could have raised as much as $433 million without the cap.
The offering included a $50 million private placement from Nasdaq at the IPO price. Up to 10% of shares were reserved for long-standing Gemini users, employees, and close associates, while up to 30% went to retail investors through platforms such as Robinhood, SoFi, and Webull.
Winklevoss twins retain control
Despite the public listing, the Winklevoss twins continue to control Gemini. Post‑IPO documents show they retain about 94.5% of voting power, keeping decision-making authority centralized.
This mirrors dual-class structures seen in other technology firms, where founders sell equity but preserve control.
Strong debut amid crypto IPO wave
Gemini’s IPO joins a string of high‑profile listings of crypto-focused firms in 2025. Stablecoin issuer Circle raised $1.1 billion in its IPO at a $6.9 billion valuation earlier this year, while Bullish and Galaxy Digital also completed public listings.
According to Bloomberg data, U.S. exchanges have raised roughly $26.8 billion through IPOs in 2025, compared to $20.4 billion in 2024, not including closed-end funds and other structures.
Use of funds and regulatory backdrop
Proceeds are expected to be directed toward technology development and compliance functions, though Gemini has not published detailed allocations.
The company overcame regulatory challenges in the lead‑up to its IPO. The U.S. Securities and Exchange Commission closed its investigation earlier this year, and Gemini also settled a $5 million lawsuit with the Commodity Futures Trading Commission, clearing the path for the exchange’s market debut.
Market timing
The IPO comes amid renewed investor interest in crypto infrastructure as Bitcoin trades above $115,000. Demand for the Gemini offering has been described as one of the strongest in recent years for a digital asset company, with underwriters Goldman Sachs and Citigroup closing order books early due to oversubscription.
Oleksii Shumak
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