Gemini Announces Pricing of Initial Public Offering
Rhea-AI Summary
Gemini Space Station (NASDAQ:GEMI), a global crypto platform, has announced the pricing of its Initial Public Offering. The company is offering 15,178,572 shares of Class A common stock at $28.00 per share. Trading is set to commence on the Nasdaq Global Select Market on September 12, 2025, with the offering expected to close on September 15, 2025.
The underwriters have been granted a 30-day option to purchase up to an additional 758,929 shares (300,565 from Gemini and 458,364 from selling stockholders) to cover over-allotments. Goldman Sachs and Citigroup are serving as lead bookrunners for the offering. Founded in 2014 by Cameron and Tyler Winklevoss, Gemini operates in over 60 countries, providing crypto products and services for individuals and institutions.
Positive
- IPO values the company at approximately $425 million based on offered shares
- Strong underwriter support with major firms like Goldman Sachs and Citigroup as lead bookrunners
- Established presence in over 60 countries indicates global market reach
- Founded by well-known industry figures Cameron and Tyler Winklevoss
Negative
- Company will not receive proceeds from shares sold by existing stockholders
- Potential dilution from additional shares if over-allotment option is exercised
- Operating in the highly volatile and regulated cryptocurrency sector
- Faces intense competition from other major crypto exchanges
Insights
Gemini's IPO at $28/share values the crypto platform at ~$425M, joining the trend of crypto firms going public despite regulatory uncertainties.
Gemini Space Station, a cryptocurrency platform founded by the Winklevoss twins in 2014, has priced its IPO at $28 per share, offering approximately 15.2 million shares of Class A common stock. This pricing indicates an initial market valuation of around
The IPO structure includes an over-allotment option (commonly known as a "green shoe") allowing underwriters to purchase an additional 758,929 shares (300,565 from Gemini and 458,364 from selling stockholders) within 30 days. It's notable that proceeds from selling stockholders' shares won't benefit Gemini's balance sheet.
This public debut represents a significant milestone for the cryptocurrency sector, as Gemini joins other digital asset companies like Coinbase that have successfully transitioned to public markets. The company has secured heavyweight financial backing with Goldman Sachs and Citigroup serving as lead bookrunners, alongside Morgan Stanley and Cantor - signaling strong institutional interest despite the historically volatile nature of crypto markets.
Gemini's move to go public comes amid an evolving regulatory landscape for cryptocurrency companies. While the offering documents don't specify how the company plans to utilize the capital raised, cryptocurrency exchanges typically require substantial liquidity pools and technological infrastructure investments to maintain competitive operations.
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 is being 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,
A registration statement relating to these securities has been 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.
Contacts
Investors
Gemini Investor Relations
Email: investors@gemini.com
Press
Natalie Rix
Email: press@gemini.com
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SOURCE Gemini
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