Gemini’s Nasdaq Debut Hits $425 Million Hard Cap Amid Overwhelming Demand

Gemini’s much-anticipated initial public offering (IPO) has raised $425 million, reaching the firm’s self-imposed ceiling despite massive investor demand. The cryptocurrency exchange, founded by the Winklevoss twins, completed its debut on the Nasdaq with an offering that was oversubscribed more than 20 times.

According to Bloomberg, Gemini issued roughly 15.2 million shares at $28 each, above the initial price range of $24 to $26 per share. Hours before the launch, the company announced it would limit proceeds to $425 million, a decision designed to preserve scarcity in the stock. While the IPO could have generated even greater funds given investor appetite, the cap reflects Gemini’s strategy of balancing growth with controlled supply.

Oversubscription and Investor Breakdown

The IPO’s oversubscription was so strong that underwriters Goldman Sachs and Citigroup were forced to shut their order books ahead of schedule. Reuters reported that if all the bids had been filled, Gemini could have secured as much as $433 million. At its debut price, the company’s valuation sits just over $3 billion, setting a new benchmark for crypto firms entering the public markets.

In addition to the public sale, Nasdaq itself participated with a $50 million private placement at the IPO price. Gemini also carved out up to 10% of its offering for long-term users, staff, management, friends, and family. Another 30% was allocated to retail investors via platforms such as Robinhood, SoFi, and Webull, underscoring Gemini’s intention to broaden access to its shares beyond institutional buyers.

Crypto IPOs Set New Records in 2025

The offering comes during a strong year for U.S. exchanges. So far in 2025, IPOs have raised $26.8 billion—well ahead of the $20.4 billion collected in 2024. Gemini’s successful listing highlights how digital asset firms are gaining legitimacy in traditional financial markets, even as regulatory scrutiny remains intense.

Gemini Space Station Inc., the entity behind the exchange, leaned heavily into scarcity as a selling point. By capping proceeds, the company created a sense of exclusivity that bolstered investor enthusiasm. Analysts suggest this could become a model for future crypto IPOs, where firms deliberately restrict shares to build early momentum.

A Landmark Moment for Gemini and Crypto

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini has positioned itself as a trusted gateway for institutional and retail investors in digital assets. The IPO represents both a financial milestone and a symbolic step for the wider industry, signaling crypto’s steady integration into mainstream capital markets.

While Gemini now has billions in fresh capital to support its expansion, the IPO also raises the stakes. With a market value exceeding $3 billion and heightened visibility on Nasdaq, the company faces mounting pressure to deliver consistent growth and navigate the challenges of an evolving regulatory environment.

For now, Gemini’s capped yet oversubscribed debut has secured its place as one of the most significant crypto listings to date — a moment that could shape how digital asset firms pursue public offerings in the years ahead.