Key Highlights

• Gemini IPO priced at $28, raising $425M at over $3B valuation
• Winklevoss twins retain 94.5% control after listing
• Up to 30% of IPO shares set aside for retail investors

Gemini Finalizes IPO Pricing at $28 Ahead of Nasdaq Debut

Gemini Space Station, Inc. has finalizedthe pricing of its highly anticipated initial public offering (IPO), setting shares at $28 each. The deal will raise $425 million and give the company a valuation of more than $3 billion as it lists on the Nasdaq Global Select Market under the ticker symbol GEMI.

The decision follows multiple adjustments to Gemini’s price range. The company initially targeted $17–$19 per share, then raised it to $24–$26, before confirming the final $28 pricing in response to strong investor interest.

IPO Structure and Market Details

The offering will consist of 15,178,572 shares, with an additional 758,929 shares reserved for a 30-day option granted to underwriters. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor are acting as bookrunners for the deal.

Notably, Gemini has reserved up to 10% of shares for insiders and loyal users, while as much as 30% will be allocated to retail investors through platforms such as Robinhood, SoFi, and Webull.

Winklevoss Control and Market Impact

According to Bloomberg, Tyler and Cameron Winklevoss, co-founders of Gemini, owned nearly all of the company prior to the IPO. After the listing, they are expected to maintain 94.5% control, ensuring they remain firmly in charge of the company’s strategic direction.

By securing a higher IPO price and allocating a meaningful share to retail investors, Gemini signals confidence in its market positioning while broadening participation. The successful debut is set to be one of the most closely watched crypto-related IPOs of 2025.

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