Gemini Nets $425M in Upsized IPO, With Nasdaq Taking $50M Stake

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Gemini has successfully closed its upsized initial public offering, raising $425 million by pricing 15.18 million Class A shares at $28. This final price exceeded the company’s recently raised target range of $24 to $26, which itself was a significant increase from initial estimates.

The offering, with lead underwriters Goldman Sachs, Citigroup, and Morgan Stanley, includes a 30-day option for underwriters to purchase an additional 750,000 shares. In a notable move, Nasdaq Inc. itself has agreed to a $50 million private placement purchase at the IPO price.

Furthermore, Gemini has reserved up to 10% of shares for insiders and long-standing users, with a 30% allocation for retail investors via platforms like SoFi and Webull. Post-IPO, the Winklevoss twins are expected to maintain overwhelming control with roughly 94.5% of the voting power.