Gemini Space Station raises $425 million in IPO

The company led by the billionaire twins Tyler and Cameron Winklevoss sold nearly 15.2 million shares for $28 apiece, after marketing them for $24 to $26, it said in a statement

Cryptocurrency firm Gemini Space Station raised $425 million in an initial public offering (IPO) on Thursday, pricing its stock above a marketed range.

The company led by the billionaire twins Tyler and Cameron Winklevoss sold nearly 15.2 million shares for $28 apiece, after marketing them for $24 to $26, it said in a statement, confirming an earlier report by Reuters.

The price range was lifted earlier this week from $17 to $19, underscoring robust investor demand.

U.S.-based Gemini had capped IPO proceeds at $425 million, in a rare move, even as the offering drew orders more than 20 times the shares available, Reuters reported.

Record high prices for digital assets and regulatory wins have transformed the once beleaguered sector into an anchor for the IPO market, which has resumed a long-awaited recovery this fall after U.S. tariffs delayed listing plans in April.

Nasdaq had committed to a $50 million investment in a private placement at the time of the IPO.

Gemini will begin trading on Nasdaq on Friday under the ticker “GEMI”.

Crypto listings are gathering momentum. Stablecoin issuer Figure Technology raised $787.5 million in an upsized U.S. IPO on Wednesday. Earlier this year, CoinDesk owner Bullish and stablecoin issuer Circle both enlarged their offerings.

The U.S. Securities and Exchange Commission under President Donald Trump has eased oversight of the crypto sector.

Gemini has benefited as well, with the Winklevoss twins moving closer in April to resolving an SEC lawsuit claiming they failed to register a cryptocurrency asset lending program before offering it to retail investors.

The case has not been resolved. A status report from both sides is due by September 15.