Gemini Announces Closing of Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

Gemini Space Station (NASDAQ:GEMI) has successfully completed its Initial Public Offering (IPO), selling a total of 15,937,501 shares of Class A common stock at $28.00 per share. The offering included 300,565 shares from Gemini and 458,364 shares from selling stockholders through the underwriters' over-allotment option.

Trading of Gemini's Class A common stock began on the Nasdaq Global Select Market on September 12, 2025. The IPO was led by Goldman Sachs and Citigroup as lead bookrunners, with several other prominent financial institutions participating in various roles.

Positive

• Successful completion of IPO with shares priced at $28.00
• Full exercise of underwriters' over-allotment option indicating strong demand
• Listing on the prestigious Nasdaq Global Select Market
• Strong consortium of reputable investment banks supporting the offering

Negative

• Limited proceeds for the company as majority of over-allotment shares were sold by existing stockholders
• Potential share dilution for existing shareholders

Insights

IPO Financial Analyst

Gemini's IPO raised $446.3M with shares priced at $28, signaling strong market confidence in this crypto platform.

Gemini Space Station has successfully completed its initial public offering, raising approximately $446.3 million through the sale of 15,937,501 Class A common shares at $28.00 per share. The fact that underwriters fully exercised their over-allotment option is a positive signal, indicating strong institutional demand that exceeded initial expectations.

Breaking down the offering structure, Gemini directly sold 300,565 shares while selling stockholders offered 458,364 shares through the overallotment option. This arrangement means Gemini received proceeds from approximately $8.4 million of the total raise, with the remainder going to existing shareholders.

The prestigious underwriter lineup is noteworthy, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor serving as lead bookrunners. This top-tier banking support reflects institutional confidence in Gemini's business model despite the crypto industry's volatility.

Gemini now trades on the Nasdaq Global Select Market - Nasdaq's highest listing tier with the most stringent financial and liquidity requirements - which further validates the company's standing. For a crypto platform to secure this level of listing speaks to both its governance structures and financial fundamentals meeting traditional market standards.

This IPO represents a significant milestone for cryptocurrency-focused businesses entering traditional capital markets, providing Gemini with both enhanced visibility and access to public market capital for future growth initiatives.

NEW YORK, Sept. 15, 2025 /PRNewswire/ -- Gemini Space Station, Inc. ("Gemini"), a global crypto platform, today announced the closing of its initial public offering of an aggregate of 15,937,501 shares of Class A common stock at a public offering price of $28.00 per share. The shares sold included 300,565 shares sold by Gemini and 458,364 shares sold by the selling stockholders pursuant to the underwriters' over-allotment option. Gemini did not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders. The Class A common stock began trading on the Nasdaq Global Select Market on September 12, 2025, under the ticker symbol "GEMI."

Goldman Sachs & Co. LLC and Citigroup are acting as lead bookrunners. Morgan Stanley and Cantor are also acting as lead bookrunners. Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Needham & Company, and Rosenblatt are acting as bookrunners. Academy Securities, AmeriVet Securities, and Roberts & Ryan are acting as co-managers.

The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained by visiting EDGAR on the Securities and Exchange Commission's (the "SEC") website at www.sec.gov. Alternatively, copies of the prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, or email: prospectus-ny@ny.email.gs.com; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).

A registration statement relating to these securities was previously filed with, and declared effective by, the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Gemini

Gemini is a global crypto platform founded by Cameron and Tyler Winklevoss in 2014. Gemini offers a wide range of crypto products and services for individuals and institutions in over 60 countries. Gemini's simple, reliable, and secure products are built to unlock the next era of financial, creative, and personal freedom.

Contact

Investors
Gemini Investor Relations
Email: investors@gemini.com

Press

Natalie Rix
Email: press@gemini.com

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SOURCE Gemini

FAQ

How many shares did Gemini (NASDAQ:GEMI) sell in its IPO?

Gemini's IPO consisted of 15,937,501 total shares of Class A common stock, including 300,565 shares from the company and 458,364 shares from selling stockholders through the over-allotment option.

What was Gemini's (NASDAQ:GEMI) IPO price?

Gemini's IPO was priced at $28.00 per share.

When did Gemini (NASDAQ:GEMI) start trading on the Nasdaq?

Gemini began trading on the Nasdaq Global Select Market on September 12, 2025, under the ticker symbol 'GEMI'.

Who were the lead underwriters for Gemini's IPO?

Goldman Sachs & Co. LLC and Citigroup acted as lead bookrunners for Gemini's IPO, with Morgan Stanley and Cantor also serving as lead bookrunners.

How can investors access Gemini's IPO prospectus?

Investors can access the prospectus through the SEC's EDGAR website or obtain copies from Goldman Sachs and Citigroup's prospectus departments.