GEMI IPO News – Crypto exchange Gemini offers fewer shares, prices IPO at $28, above the upwardly revised range

Gemini Space Station, which operates a cryptocurrency exchange, raised $425 million by offering 15.2 million shares at $28, above the upwardly revised range of $24 to $26. The company had originally planned to offer 16.7 million shares at a range of $17 to $19, before increasing the range and adding a $50 million private placement with the Nasdaq on Tuesday. At pricing, Gemini commands a fully-diluted market value of $3.5 billion, 53% higher than originally anticipated, and an enterprise value of $3.8 billion (+37%).

The company is a regulated cryptocurrency exchange serving retail and institutional clients in over 60 countries. Its offerings include spot and derivatives trading, staking, OTC trading, custody, a stablecoin, and other crypto-related products. As of June 30, 2025, Gemini had 523,000 monthly transacting users, 10,000 institutions, $18 billion in crypto under custody, and $285 billion in lifetime trading volume.

Gemini Space Station plans to list on the Nasdaq under the symbol GEMI. Goldman Sachs, Citi, Morgan Stanley, Cantor Fitzgerald, Evercore ISI, Mizuho Securities, Truist Securities, Cohen & Company Securities, Keefe Bruyette Woods, Needham & Co., and Rosenblatt Securities acted as joint bookrunners on the deal.