Gemini’s IPO Oversubscribed More Than 20 Times
Gemini, the crypto exchange founded by the Winklevoss twins, is set for a major debut on Friday. Its initial public offering (IPO) was oversubscribed over 20 times. Due to strong demand, Gemini and its bankers stopped accepting new share orders on Thursday. This rare move capped the IPO proceeds at $425 million, according to Reuters.
Gemini had earlier raised its IPO target to $433 million. It also increased its share price range to $24–$26 from the initial $17–$19. Nasdaq is among Gemini’s backers and is reportedly investing $50 million as part of a strategic partnership.
Figure Technologies Also Makes Strong Nasdaq Debut
Blockchain marketplace Figure Technologies went public on Nasdaq on Thursday. Its shares rose 24.4% on the first trading day. The company raised $787.5 million after raising its final offering price to $25 from an initial $18 floor.
Although Figure’s debut was strong, it was less dramatic than earlier crypto IPOs this year. Stablecoin issuer Circle raised $1 billion, with shares jumping 167% on day one. Crypto exchange Bullish saw its stock surge by up to 218%.
2025 Emerging as the Year of Crypto IPOs
Experts say Gemini’s IPO is part of a larger trend of crypto firms going public in 2025. Bitwise, a leading crypto ETF issuer, called this year the “year of crypto IPOs.” Other companies reportedly planning listings include Kraken, Anchorage Digital, and Chainalysis.
With investor interest at record levels, Gemini’s debut could signal a busy season for crypto IPOs.
