TL;DR
- IPO Success: Gemini raised $425 million in its Nasdaq debut, pricing shares at $28, well above its initial forecast range. The offering included over 15 million Class A shares and may expand further if underwriters exercise their option to purchase additional shares.
- Ownership Structure: Despite going public, the Winklevoss twins retain approximately 94.5% of the exchange’s voting power, ensuring continued control over the company’s strategic direction and governance.
- Retail Inclusion: The exchange allocated up to 30% of its IPO shares to retail investors via platforms like Robinhood, SoFi, and Webull, while also reserving 10% for insiders and loyal users, signaling a community-first approach.
Gemini has successfully raised $425 million through its initial public offering, surpassing expectations and marking a significant milestone in the crypto sector’s public market journey. The IPO, which launched on the Nasdaq Global Select Market under the ticker symbol GEMI, priced its Class A shares at $28 each, above the anticipated range of $24 to $26. This offering positions Gemini as the third U.S.-listed crypto exchange, joining Coinbase and Bullish in a growing cohort of publicly traded digital asset platforms.
Strong Market Debut Surpasses Forecasts
Gemini’s IPO exceeded its own projections, selling 15.18 million Class A shares at $28 apiece. This pricing beat the previously revised estimate of $24 to $26, which had already been raised from an initial range of $17 to $19. The offering is scheduled to close on Monday, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor acting as lead bookrunners. Additionally, underwriters have been granted a 30-day option to purchase over 750,000 additional shares to cover over-allotments.
Winklevoss Twins Retain Dominant Control
Despite the public offering, the Winklevoss twins are expected to maintain tight control over Gemini. According to Bloomberg, they will hold approximately 94.5% of the voting power post-IPO. This level of retained influence underscores their continued leadership and strategic direction over the company, even as it transitions into the public sphere.
Strategic Investments and Retail Access
Nasdaq Inc. has agreed to purchase $50 million worth of Gemini shares at the IPO price in a private placement, signaling institutional confidence in the exchange’s future. Gemini also reserved up to 10% of the offering for insiders and long-standing users, while allocating as much as 30% to retail investors via platforms like Robinhood, SoFi, and Webull. This inclusive strategy reflects Gemini’s commitment to community engagement and broader market participation.
Expanding the Crypto IPO Landscape
Gemini’s public listing adds momentum to a growing trend of crypto companies entering traditional financial markets. Following the footsteps of Coinbase and Bullish, Gemini joins a roster that recently welcomed Figure Technology and stablecoin issuer Circle. The successful IPO not only validates Gemini’s market position but also signals increasing investor appetite for regulated crypto platforms.
