# Gemini Raises $425M in Oversubscribed Crypto IPO

*Author: Bankless*
*Published: Sep 12, 2025*
*Source: https://www.bankless.com/read/gemini-raises-425m-in-another-upsized-crypto-ipo*

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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](https://www.reuters.com/business/ipo-winklevoss-founded-crypto-exchange-gemini-over-20-times-oversubscribed-2025-09-11/), 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](https://www.bankless.com/read/kraken-reportedly-raising-500m-ahead-of-ipo) to be seeking its own public listing.
- **Private Placement:** Nasdaq Inc. made a[ strategic investment](https://www.investors.com/news/nasdaq-gemini-ipo-50-million-crypto-tokenized-stocks-sec/) in Gemini, purchasing $50M worth of shares at the IPO price.
- **Retail and Insider Access:** Up to 30% of shares were[ reserved](https://www.bloomberg.com/news/articles/2025-09-10/winklevoss-twins-set-aside-up-to-30-of-gemini-stock-for-retail-traders) for retail platforms like Robinhood and Webull, with another 10% set aside for long-time users and insiders.

### **Bankless Take:**
Gemini[ reported](https://x.com/Dogetoshi/status/1956467350645157991) net losses for 2024, a year with favorable price action that allowed for publicly traded competitor Coinbase to post [net income](https://s27.q4cdn.com/397450999/files/doc_financials/2024/q4/Coinbase-Global-Inc-2024-10K-for-IR.pdf) of nearly $2.6B. Although oversubscribed, Gemini's IPO sold less shares than expected.

> 🌐 Where the world buys, sells, and earns crypto.🤝 [@Gemini](https://twitter.com/Gemini?ref_src=twsrc%5Etfw) is the bridge between crypto and traditional finance, built for what’s next.🎉 Proud to call you [#NasdaqListed](https://twitter.com/hashtag/NasdaqListed?src=hash&ref_src=twsrc%5Etfw), [$GEMI](https://twitter.com/search?q=%24GEMI&src=ctag&ref_src=twsrc%5Etfw)! [pic.twitter.com/wysZZQ9FuR](https://t.co/wysZZQ9FuR)— Nasdaq Exchange (@NasdaqExchange) [September 12, 2025](https://twitter.com/NasdaqExchange/status/1966512285465170265?ref_src=twsrc%5Etfw)
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