Gemini Space Station, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has experienced overwhelming demand ahead of its U.S. initial public offering (IPO), with orders exceeding available shares by more than 20 times. This surge in investor interest has prompted the company to halt new order intake and implement a cap of $425 million on IPO proceeds, slightly below the potential $433 million without this cap. Additionally, Nasdaq has committed to investing $50 million in Gemini through a private placement, underscoring institutional confidence in the company.
In response to the strong demand, Gemini raised the share price range for its 16.67 million Class A shares from $17–$19 to $24–$26 each. At the top of the new range, the company is valued at approximately $3.1 billion. The IPO is set to price on Thursday, with shares expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “GEMI” on Friday.
The IPO’s success is part of a broader resurgence in crypto-related listings, fueled by favorable market conditions, regulatory clarity, and increased institutional adoption. Recent notable IPOs in the sector include those of Figure Technology, Bullish, and Circle. Gemini’s flotation would make it the third publicly traded crypto exchange, joining Coinbase and Bullish.
Founded in 2014, Gemini operates in over 60 countries and has managed $285 billion in trading volume to date. The exchange offers a range of services, including crypto custody, staking, and a U.S. credit card, catering to both retail and institutional investors. Despite reporting a net loss of $282.5 million for the first half of 2025, the company’s trading volume increased to $24.8 billion, and revenue dipped slightly to $68.61 million.
The IPO’s strong demand and Nasdaq’s strategic investment highlight the growing mainstream acceptance of cryptocurrency platforms. As Gemini prepares to go public, it aims to leverage its expanded retail investor allocation and institutional partnerships to solidify its position in the evolving digital asset landscape.
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