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Crypto exchange Gemini raised $425M from an initial public offering, selling 15.18M Class A shares at $28 each, priced above the previously announced $24–$26 guidance range. The crypto exchange will begin trading on the Nasdaq Global Select Market as "Gemini Space Station Inc." (ticker GEMI) on Friday.
What’s the Scoop?
- IPO Details: Gemini sold 15.18M shares at $28 each. The deal raised $425M and was 20x oversubscribed, but was downsized from an anticipated 16.67M share sale.
- Market Debut: Gemini joins
Coinbase and Bullish as the third U.S.-listed crypto exchange. Competitor Kraken is rumored to be seeking its own public listing. - Private Placement: Nasdaq Inc. made a strategic investment in Gemini, purchasing $50M worth of shares at the IPO price.
- Retail and Insider Access: Up to 30% of shares were reserved for retail platforms like
Robinhood and Webull, with another 10% set aside for long-time users and insiders.
Bankless Take:
Gemini reported net losses for 2024, a year with favorable price action that allowed for publicly traded competitor Coinbase to post net income of nearly $2.6B. Although oversubscribed, Gemini's IPO sold less shares than expected.
🌐 Where the world buys, sells, and earns crypto.
— Nasdaq Exchange (@NasdaqExchange) September 12, 2025
🤝 @Gemini is the bridge between crypto and traditional finance, built for what’s next.
🎉 Proud to call you #NasdaqListed, $GEMI! pic.twitter.com/wysZZQ9FuR
