Gemini Raises $425M in Nasdaq IPO at $3.3B Valuation

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, successfully raised $425 million in its Nasdaq IPO, pricing shares at $28 each and achieving a valuation of approximately $3.3 billion. The IPO was oversubscribed by more than 20 times, reflecting strong institutional and retail investor demand, with Nasdaq itself investing $50 million through a private placement. Despite Gemini reporting a net loss in 2025, the robust IPO performance demonstrates growing confidence in the regulated crypto sector, bolstered by favorable U.S. regulatory developments and increasing institutional interest. Major financial institutions such as Goldman Sachs, Morgan Stanley, and Citigroup led the offering, signaling Wall Street's deeper engagement with digital asset finance. Gemini plans to use the raised capital to expand operations and enhance its platform, while its IPO marks a significant milestone as it joins other crypto-native firms transitioning into traditional public markets. The offering reserved shares for insiders, long-term users, and retail investors via platforms like Robinhood and SoFi, underscoring Gemini's aim to balance broad market access with strategic institutional partnerships.