Cryptocurrency exchange Gemini (GEMI.US) IPO prices at $28 per share, raising $425 million.

Gemini Space Station Inc., a cryptocurrency exchange, will be listed on Nasdaq this Friday. According to sources, the company, backed by billionaires Cameron Winklevoss and Tyler Winklevoss, priced its initial public offering (IPO) at $28 per share, raising $425 million by issuing approximately 15.2 million shares. However, the documents submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday stated that the IPO pricing range was between $24 and $26 per share, with plans to issue about 16.7 million shares. It is worth noting that Nasdaq is heavily investing in the cryptocurrency field and accelerating its expansion pace. The documents revealed that Nasdaq has agreed to a $50 million private placement at the IPO pricing level. Additionally, Gemini plans to allocate up to 10% of the IPO shares to long-term users, management, employees, and their friends and family, and up to 30% of the shares to retail investors participating in self-directed investment platforms operated by companies such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp. According to the documents, the Winklevoss brothers almost fully own the company before this issuance, and are expected to retain approximately 94.5% of the voting rights after the IPO. Data shows that Gemini was founded in 2014 and currently manages assets exceeding $18 billion. The company's operations include cryptocurrency trading, issuance of USD stablecoins, cryptocurrency custody, staking services, and a cryptocurrency rewards credit card. According to the prospectus, Gemini had total revenue of $68.6 million in the first half of 2025, a decrease from the same period last year, but net losses increased to $283 million. Trading fees accounted for 65.5% of the revenue, indicating the company's high dependence on trading volume fluctuations.