According to Bloomberg, Gemini’s IPO sold approximately 15.2 million shares at $28 each, although the stock traded on the market between $24 and $26 per share. Hours before the IPO, the company informed investors that it would cap the offering proceeds at $425 million.
Despite strong demand and an oversubscription of shares, Gemini adhered to its self-imposed cap. This figure only reflects funds raised from the public offering and does not include a separate $50 million private placement by Nasdaq at the IPO price.
The Winklevoss twins’ crypto firm is also reserving up to 10% of the IPO for long-term users, management, employees, friends, and family, while allocating up to 30% for retail investors through self-directed platforms such as Robinhood, SoFi, and Webull.
U.S. exchanges have raised a total of $26.8 billion so far in 2025, excluding closed-end funds and other financial vehicles—a notable increase from $20.4 billion raised in 2024.
Gemini IPO sets new benchmark for crypto firms
As previously reported by Crypto.news, Gemini’s decision to hard cap IPO proceeds at $425 million aimed to create scarcity ahead of its Friday debut, sacrificing potential capital to limit the number of publicly sold shares.
According to Reuters, the offering was oversubscribed by more than 20 times the planned amount. Lead underwriters, including Goldman Sachs and Citigroup, even had to close order books early due to the overwhelming demand. If all orders had been fulfilled, the IPO could have raised up to $433 million.
At the top end, Gemini could have achieved a market valuation exceeding $3 billion, according to Reuters’ calculations.
