Gemini Raises $425M in Oversubscribed Crypto IPO

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, 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 to be seeking its own public listing.
• Private Placement: Nasdaq Inc. made a strategic investment in Gemini, purchasing $50M worth of shares at the IPO price.
• Retail and Insider Access: Up to 30% of shares were reserved for retail platforms like Robinhood and Webull, with another 10% set aside for long-time users and insiders.

Bankless Take:

Gemini reported net losses for 2024, a year with favorable price action that allowed for publicly traded competitor Coinbase to post net income of nearly $2.6B. Although oversubscribed, Gemini's IPO sold less shares than expected.