Gemini Space Station IPO Raises $425 Million, Values Firm at $3.3 Billion

Cryptocurrency exchange Gemini Space Station, founded by Tyler and Cameron Winklevoss, has successfully raised $425 million in its initial public offering (IPO). The New York-based company sold 15.2 million shares at $28 each, surpassing its marketed range of $24 to $26. This pricing values Gemini at approximately $3.33 billion on a non-diluted basis.

Investor demand proved exceptionally strong, with orders exceeding available shares by more than 20 times. Earlier this week, Gemini lifted its price range from $17 to $19, signaling heightened interest as the crypto sector continues to gain momentum. Despite robust demand, the company capped proceeds at $425 million, a rare move for a high-profile IPO.

The listing highlights renewed enthusiasm in the U.S. IPO market, fueled by record-high cryptocurrency prices and favorable regulatory developments. Nasdaq also committed to a $50 million private placement investment during the offering. Gemini will debut trading on the Nasdaq under the ticker “GEMI” on Friday.

The IPO follows other major crypto-related listings, including stablecoin issuer Figure Technology, which raised $787.5 million this week. Earlier in 2025, CoinDesk parent Bullish and stablecoin firm Circle also expanded their offerings, underscoring growing mainstream adoption of digital asset companies.

Regulatory shifts under President Donald Trump’s administration have eased oversight of the crypto industry, benefitting companies like Gemini. The firm is also addressing an ongoing Securities and Exchange Commission (SEC) lawsuit over its cryptocurrency lending program, with a joint status report due September 15.

In a political twist, Trump’s nominee for the Commodity Futures Trading Commission alleged this week that Tyler Winklevoss lobbied the White House to delay his confirmation—further showcasing the close ties between crypto leaders and Washington.

At a time when digital assets are reshaping capital markets, Gemini’s successful IPO marks a milestone for the sector’s integration into mainstream finance.