Gemini Crypto Exchange Raises $425 Million in IPO

The event sparked significant interest among investors.

On September 12, the Winklevoss brothers’ cryptocurrency exchange, Gemini, conducted an IPO, raising $425 million, according to a press release.

The platform sold 15.18 million Class A shares at $28 each, exceeding the planned range of $24-26. The securities were listed under the ticker GEMI on Nasdaq, with support from Goldman Sachs, Citigroup, Morgan Stanley, and Cantor.

Underwriters received a 30-day option to purchase an additional 750,000 shares to cover over-allotments. Nasdaq acquired $50 million worth of securities through a private placement. Up to 10% of the offering was reserved for insiders and long-term Gemini users. Retail investors received up to 30% of the shares through Robinhood, SoFi, and Webull.

According to Bloomberg, the Winklevoss brothers will retain 94.5% of the voting rights post-IPO. The crypto exchange filed for the initial public offering in March.

As reported by Reuters, the event sparked significant interest among investors, who submitted 20 times more applications than available shares. Consequently, Gemini and its investment bankers closed the acceptance of applications early.

The platform became the third American crypto exchange, following Coinbase and Bullish, to go public. In June, Circle, the company behind USDC, also conducted an IPO.

Back in March, media reported on Kraken’s plans to conduct an initial public offering.