Winklevoss-founded Gemini reportedly prices IPO at $28 per share, valuing the crypto exchange at $3.3 billion
Original story by
CNBC•Sep 12•Business, Finance
📰 Article Summary
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has priced its initial public offering (IPO) at $28 per share, valued at approximately $3.3 billion. The IPO raised $425 million, with strong demand noted as Gemini initially marketed more shares than were sold. Despite recent losses reported by the company, it received significant institutional support from Nasdaq, which announced a $50 million strategic investment in Gemini. The IPO and ensuing trading will help gauge the current market landscape for crypto companies amidst a compressing market for major cryptocurrencies like Bitcoin and Ethereum.
📌 Key Facts
- IPO Pricing: Gemini set its IPO price at $28 per share, surpassing the previously expected range of $24 to $26. This pricing values the company at about $3.3 billion.
- Strong Demand: The offering raised $425 million, with demand strong enough to sell 15.2 million shares despite initially marketing 16.67 million shares.
- Institutional Confidence: Nasdaq has made a $50 million strategic investment into Gemini, signaling confidence in the crypto exchange amid reports of its financial losses.
- Economic Pressures: In 2024, Gemini reported a net loss of $159 million and an additional loss of $283 million in the first half of 2025, raising concerns about its sustainability in the current crypto market.
- Retail Participation: Up to 30% of the shares offered in the IPO are reserved for retail investors through multiple trading platforms, indicating a move to engage everyday investors.
📂 Article Classification
Topic Tags: Cryptocurrency
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