Gemini prices IPO at $28, raises $425M ahead of Nasdaq listing

Gemini Space Station Inc. priced its initial public offering at $28 per share, above the marketed range of $24–$26, to raise $425 million. The company sold about 15.2 million shares, a smaller base than initially guided, after order books ran well oversubscribed.

The stock is set to trade on the Nasdaq Global Select Market under the ticker GEMI. Nasdaq Inc. agreed to buy $50 million of shares in a concurrent private placement at the IPO price. Gemini earmarked up to 10% of the IPO for long‑standing users, employees, management and friends and family, and up to 30% for retail investors via platforms including Robinhood, SoFi and Webull.

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini runs a crypto exchange and related services, including a U.S. dollar‑backed stablecoin GUSD, staking, custody and a crypto‑rewards credit card. The firm reports $21B+ in assets on the platform. Before the IPO, the Winklevoss twins owned nearly all of the company. Afterward, they’re expected to hold around 94.5% of the voting power.