Cryptocurrency exchange Gemini (GEMI.US) has priced its IPO at $28 per share, higher than the guidance range, aiming to raise $425 million.

According to informed sources, cryptocurrency exchange Gemini Space Station (hereinafter referred to as "Gemini") raised $425 million through its initial public offering (IPO), with the stock price higher than the previously announced guidance range. The source said that this cryptocurrency company led by billionaire twins Cameron and Tyler Winklevoss sold approximately 15.2 million shares of stock, priced at $28 per share - higher than the previously stated guidance range of $24 to $26 per share. According to Reuters calculations, on a non-diluted basis, this IPO values Gemini at $3.33 billion. Gemini has not yet responded to requests for comment. Earlier this week, Gemini had raised its IPO price guidance range from $17 to $19 to $24 to $26, reflecting strong demand for its stock by investors. Reported earlier in the day, the New York-based Gemini took a rare step: despite subscription orders for the IPO being more than 20 times the number of shares available for sale, the company still set the fundraising cap for the IPO at $425 million. With digital asset prices hitting record highs and positive developments on the regulatory front, the industry that once struggled has now become a "pillar force" in the IPO market. In April this year, the US tariff policy had caused many companies to delay their IPO plans, but as autumn approaches, the IPO market has finally seen the long-awaited recovery. During this IPO, Nasdaq has pledged to invest $50 million in Gemini through a private placement. Gemini will be listed on Nasdaq on Friday with the stock symbol "GEMI". The IPO frenzy in the cryptocurrency industry continues to rise: Stablecoin issuer Figure Technology raised $787.5 million in a US IPO on Wednesday by expanding its issuance size; earlier this year, both CoinDesk's parent company Bullish and stablecoin issuer Circle completed their IPOs by expanding their issuance sizes. During the term of US President Donald Trump, the Securities and Exchange Commission (SEC) has relaxed its regulatory measures on the cryptocurrency industry - there are quite a few institutions in this industry that have connections with Trump and his family. Gemini has also benefited from this: in April this year, the Winklevoss twins took a significant step towards resolving a lawsuit with the SEC. Previously, the SEC accused Gemini of not completing the registration process as required before launching a cryptocurrency asset lending project to retail investors. However, the lawsuit has not yet been fully resolved. Both parties are required to submit a progress report by September 15. The close ties between the cryptocurrency industry and the US government are also evident in another event: on Wednesday, the Commodity Futures Trading Commission (CFTC) nominee nominated by Trump publicly accused cryptocurrency entrepreneur Tyler Winklevoss - alleging that Tyler had lobbied the White House to postpone the approval of his nomination after their text exchange.