Cryptocurrency exchange Gemini lists on Nasdaq… Raises $425 million in offering

Cryptocurrency (crypto) exchange Gemini has listed on the U.S. Nasdaq. Through this initial public offering (IPO) led by the Winklevoss brothers, Gemini succeeded in raising $425 million and achieved a successful launch.

According to Bloomberg on the 11th (local time), Gemini set the offering price at $28 per share and sold about 15.2 million shares. That price exceeded the initial target range ($24~26). Although the offering size was capped at $425 million due to strong demand, subscriptions recorded double-digit multiples, making it a success.

Gemini chose a distinctive strategy for allocating IPO shares. Up to 30% of the total was allocated to retail investors through individual investor platforms such as Robinhood, SoFi, and Webull. It also allocated up to 10% to long-term customers, employees, and acquaintances, emphasizing a 'user-friendly IPO.' Nasdaq also decided to purchase $50 million worth of shares at the offering price as a strategic investment.

Gemini was founded in 2014 and currently holds assets of more than $18 billion. In addition to operating an exchange, it offers various services such as issuing dollar-pegged stablecoins, digital asset custody, staking, and cryptocurrency reward credit cards. However, according to the filing submitted before the listing, it recorded a net loss of $282.5 million in the first half of this year. The deficit widened to more than six times the net loss in the same period last year ($41.4 million).