Gemini IPO reaches $425m cap in breakthrough debut

Gemini IPO raises $425 million in the firm’s initial public offering, reaching the hard cap for expected proceeds that was set at the beginning for the oversubscribed crypto firm’s Nasdaq IPO.

According to Bloomberg, Gemini IPO sold around 15.2 million shares, valued at $28 per share. The stock was sold on the market for $24 to $26 per piece. The company told investors hours before the IPO launch that it would cap the proceeds at a maximum of $425 million.

The company could have raised much more than that with the amount of oversubscribed shares it had, but it managed to stick by its self-imposed hard cap. However, this amount only includes the funds raised from the public share sale and does not account for the separate $50 million private placement from Nasdaq itself at the IPO price.

Additionally, the Winklevoss twins‘ crypto firm is allocating as much as 10% of the Gemini IPO for long-term loyal users, management, as well as employees, friends and family, and up to 30% for retail investors on self-directed investing platforms operated by firms including Robinhood Markets Inc., SoFi Technologies Inc. and Webull Corp.

According to the report, U.S. exchanges have raised up to $26.8 billion in 2025 alone, not including closed-end funds and other financial vehicles. This number has gone up significantly compared to the $20.4 billion raised back in 2024.

Gemini IPO breaks new ceiling for crypto firms

As previously reported by crypto.news, the decision to hard cap its IPO earnings to $425 million serves to create scarcity ahead of the company’s debut on Friday. The move sacrifices potential capital in favor of reducing the number of shares sold in the public offering.

According to the Reuters report, Gemini Space Station Inc. garnered more than 20 times its planned subscription orders for the IPO offering, surpassing the amount of shares available.

In fact, some time before the debut, lead underwriters like Goldman Sachs and Citigroup had to close their order books early because of the overwhelming amount of orders that came in for the Gemini IPO. If all the orders were accounted for, Reuters predicted that the IPO would have raised the company as much as $433 million in its debut sale.

At the top of the range, it would have been possible for Gemini to gain a market value of over $3 billion, according to Reuters calculations.