Gemini, the crypto exchange founded by the Winklevoss twins, is set for a highly anticipated public debut on Friday after its IPO was oversubscribed more than 20 times. Demand was so high that the company capped proceeds at $425 million, halting new orders a day early.
Backed by Nasdaq with a $50 million strategic investment, Gemini raised its price range to $24–$26 per share, reflecting investor enthusiasm. The listing comes amid a wave of crypto firms going public, following strong debuts by Circle, Bullish, and Figure Technologies.
Circle’s IPO earlier this year raised $1 billion with shares soaring 167% on day one, while Bullish climbed 218%. Gemini’s offering could further validate predictions that 2025 will be the “year of crypto IPOs,” with other firms like Kraken and Anchorage eyeing listings.
The demand highlights investor appetite for regulated, mainstream crypto companies, and Gemini’s performance may set the tone for more high-profile listings in coming months.
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