The cryptocurrency exmodify Gemini, founded by the Winklevoss twins, created a major splash on September 12 with its initial public offering (IPO), raising $425 million.
The offering exceeded initial expectations, highlighting growing investor confidence in the regulated crypto sector.
Gemini sold 15.18 million Class A shares at $28 each, surpassing the anticipated $24–$26 range.
The shares launched trading on Nasdaq under the ticker GEMI, with support from major financial players including Goldman Sachs, Citigroup, Morgan Stanley, and Cantor.
In addition to the primary offering, underwriters were granted a 30-day option to purchase an extra 750,000 shares to cover over-allotments, a standard mechanism to stabilize pricing. Nasdaq itself acquired $50 million in securities through a private placement.
Notably, up to 10% of the offering was reserved for insiders and long-term Gemini utilizers, while retail investors had access to as much as 30% of the shares through platforms such as Robinhood, SoFi, and Webull.
The IPO demonstrates the growing maturity of the cryptocurrency market, as exmodifys like Gemini seek traditional funding avenues while retaining their digital-native identity.
By offering shares to retail utilizers alongside institutional support, Gemini not only widened access but also signaled a vote of confidence in the long-term viability of crypto infrastructure under regulatory frameworks.
With Gemini now publicly traded, the exmodify will likely utilize the raised capital to expand operations, improve platform technology, and pursue further strategic initiatives.
The strong IPO performance could set a benchmark for other crypto exmodifys considering public listings in the coming months.
Gemini’s IPO Highlights:
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Raised $425 million via 15.18 million Class A shares at $28 each
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Listed on Nasdaq under ticker GEMI
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Supported by Goldman Sachs, Citigroup, Morgan Stanley, and Cantor
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10% of shares reserved for insiders and long-term utilizers, 30% allocated to retail investors
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Nasdaq participated in $50 million private placement
The successful IPO positions Gemini as one of the first major U.S.-based crypto exmodifys to fully enter the public markets, marking a pivotal moment for both the company and the broader crypto ecosystem.
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