Gemini Crypto Exchange Raises $425M in Oversubscribed US IPO

Gemini, the cryptocurrency exchange led by the Winklevoss twins, successfully completed its initial public offering (IPO), raising $425 million by pricing its shares at $28 each, above the marketed range of $24 to $26. The IPO was oversubscribed by more than 20 times, prompting Gemini and its underwriters, Goldman Sachs and Citigroup, to impose a rare hard cap on proceeds to create scarcity and potentially boost post-IPO stock performance. This strategic move was unusual for a traditional IPO and reflected strong investor demand and confidence in the crypto sector. Gemini's valuation could exceed $3 billion based on the final share price, and the company also secured a separate $50 million private placement from Nasdaq as part of a strategic partnership. The success of Gemini's IPO highlights growing mainstream acceptance and investor interest in digital asset companies, signaling a positive shift for the broader crypto market. Gemini’s public offering marks a significant milestone, providing capital for expansion, enhancing credibility, and elevating its profile in the evolving financial landscape.