The Winklevoss twins' cryptocurrency exchange Gemini made a triumphant public debut on Thursday, pricing its initial public offering at $28 per share and raising $425 million. The offering valued the crypto platform at $3.3 billion, marking a significant milestone for the digital asset industry.
Overwhelming Demand Drives Premium Pricing
Gemini's IPO drew over 20 times as many orders as there were available shares, demonstrating unprecedented investor appetite for crypto company listings. The final pricing of $28 represented a substantial premium above Gemini's initial marketed range of $17-$19 per share.
In an unusual move to manage the overwhelming interest, Gemini capped its IPO proceeds at $425 million. Rather than allowing the raise to expand, the company reduced the number of shares sold to approximately 15.2 million from the originally planned 16.67 million shares.
Strategic Partnerships and Retail Focus
Nasdaq committed to investing $50 million in the crypto company as part of a strategic partnership that will allow the stock exchange to offer Gemini's custodial services to financial institution clients. The collaboration includes Gemini becoming a distribution partner for Nasdaq's Calypso trade management system.
Unlike many traditional IPOs, Gemini implemented a retail-friendly approach, increasing retail allocation from 10% to 30% of available shares. Platforms including Robinhood, SoFi, and Webull distributed shares directly to individual investors.
Financial Performance and Market Context
The IPO's success comes despite current financial challenges. Gemini reported a loss of $282.5 million on $68.6 million in revenue over the first six months of 2025, compared with a loss of $41.4 million on $74.3 million in revenue between January and June last year.
However, the company generated $142.2 million in revenue in 2024, up from $98.1 million the previous year, indicating growth momentum. The timing proved strategic, as crypto companies have found renewed favor with public markets following successful listings by Circle and Bullish.
Market Debut and Industry Impact
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini operates both a cryptocurrency exchange and custodial service with more than $18 billion of assets on its platform. The company has expanded beyond trading to offer additional financial services, including credit card products. The stock began trading Friday under ticker "GEMI" on Nasdaq.
The successful offering caps a remarkable turnaround for the Winklevoss brothers, who previously faced regulatory scrutiny over their defunct Earn lending product but have since resolved various regulatory issues.
Market Outlook
Gemini's oversubscribed IPO demonstrates continued investor appetite for regulated crypto infrastructure despite market volatility. With Goldman Sachs and Citigroup as lead underwriters, the successful debut sets a benchmark for future crypto IPOs and validates mainstream financial acceptance.
The market's response to Gemini's trading performance will serve as a key indicator for ongoing crypto sector IPO activity.