TLDR
- Gemini upsized IPO to $433M with Nasdaq’s $50M boost and high demand.
- IPO share price raised to $24–26, valuing Gemini near $3.1B.
- Nasdaq’s $50M placement strengthens Gemini’s IPO credibility.
- 40% of IPO shares reserved for users and retail traders.
- Gemini faces $282M loss but eyes growth with Nasdaq debut.
Gemini Space Station Inc. has raised the size of its planned initial public offering (IPO) to $433.3 million. The Gemini IPO was expanded after strong demand led to a higher share price range and a private placement. Nasdaq Inc. committed $50 million at the IPO price, boosting confidence and attention around the crypto firm’s public debut.
Elevated Valuation and Strong Market Demand
Gemini raised its IPO price range to $24–$26 per share, up from $17–$19, while maintaining its 16.7 million share offering. Based on the latest filing, this adjustment brings the potential market capitalization to approximately $3.1 billion. According to recent data from Bloomberg, the Gemini IPO received strong interest and was significantly oversubscribed.
The revised filing revealed that Nasdaq agreed to invest $50 million through a private placement, which depends on the IPO closing. This development adds further credibility and capital strength to the Gemini IPO as the offering enters final stages. With the price hike and private placement combined, the IPO’s gross proceeds now stand at $433.3 million.
Strategic Allocation to Users and Retail Traders
Gemini has allocated 10% of its IPO shares to long-time users, staff, and close affiliates. Additionally, up to 30% of shares will be reserved for retail traders using self-directed platforms. These platforms include Robinhood, SoFi, and Webull, which help widen the distribution of the Gemini IPO.
This inclusive strategy aims to encourage broader public ownership while reinforcing community engagement. It also ensures that non-institutional buyers receive meaningful participation in the Gemini IPO. The move reflects Gemini’s consumer-centric brand, which has been a key differentiator since inception.
Financial Performance and Business Profile
Gemini, founded in 2014 by Cameron and Tyler Winklevoss, operates a full-service crypto platform. It offers a regulated exchange, a US dollar-backed stablecoin, crypto staking, asset custody, and a crypto rewards credit card. As of the latest filing, the company holds over $18 billion in assets on its platform.
Gemini posted a net loss of $282.5 million in the first half of 2025. That compares to a $41.4 million loss during the same period last year, as revenues declined to $68.6 million. The Gemini IPO arrives during a challenging time, but the company’s diversified offerings remain core to its long-term strategy.
Market Debut and Lead Underwriters
Gemini will list its shares on the Nasdaq Global Select Market under the ticker “GEMI.” According to the SEC filing, Goldman Sachs and Citigroup are leading the offering. The Gemini IPO marks a major capital markets entry by a crypto-native company backed by well-known entrepreneurs.
The company’s upcoming market debut could set a precedent for other digital asset firms seeking capital. With strong institutional backing and wide retail access, the Gemini IPO positions the firm for broad investor exposure. Market participants will now await the first day of trading to gauge post-IPO performance.
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