Gemini’s fateful IPO: demand exceeded supply by 20 times

Key points:

• Demand for Gemini’s IPO exceeded supply by 20 times, but the company capped its proceeds at $425 million.
• Shares are priced at $28 each, with trading set to begin on September 12, 2025, on Nasdaq under the ticker symbol GEMI.
• The Winklevoss brothers retain approximately 94,5% of the voting rights, with Nasdaq investing an additional $50 million.

On September 12, 2025, the Gemini crypto exchange officially launches on Nasdaq under the ticker GEMI. The company, founded by Cameron and Tyler Winklevoss in 2014, raised $425 million by selling 15,18 million Class A shares at $28 each.

High demand and revenue cap

According to Reuters, demand for the shares exceeded supply by more than 20 times. However, the company, together with the underwriting banks, decided to cap the amount of funds raised at $425 million. Without this cap, the amount could have reached $433 million.

Initially, the plan was to raise $317 million at a price of $17–19 per share, then the range was raised to $24–26, and the final price was $28.

Investors and ownership structure

Bloomberg reports that Nasdaq Inc. purchased $50 million worth of shares in a private placement. Gemini reserved up to 10% of the shares for insiders and regular users, and up to 30% for retail investors through Robinhood, SoFi, and Webull platforms. After the IPO, the Winklevoss brothers will retain control, owning approximately 94,5% of the votes.

Details of the deal

According to the official press release, Goldman Sachs, Citigroup, Morgan Stanley, and Cantor were the lead underwriters for the IPO, with Evercore, Mizuho, Truist Securities, and others participating. The participants in the deal received a 30-day option to purchase approximately 750 000 additional shares. The deal is scheduled to close on September 15.

Gemini’s IPO is part of a trend that began in 2025, with Circle, eToro, and Bullish previously going public.

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Their results have varied: Circle’s shares fell by almost half after initially soaring, eToro lost a third of its value, and Bullish is trading 20% below its offering price.