Gemini IPO Shatters Expectations with $425M Cap Amid Frenzied Investor Demand

Crypto exchange Gemini's public debut triggers massive oversubscription as institutional hunger for digital asset exposure hits fever pitch.

Market Validation

Wall Street's appetite for crypto infrastructure plays proves insatiable—$425 million in proceeds barely satisfies demand from traditional finance giants scrambling for blockchain exposure.

Regulatory Milestone

The successful offering signals growing SEC acceptance of crypto-native businesses, though compliance costs likely ate into those legendary Silicon Valley profit margins.

Another traditional finance player discovers that when it comes to crypto IPOs, retail investors aren't the only ones suffering from FOMO—the suits want in too, just with better paperwork.

Investor Frenzy Pushes Gemini IPO to the Limit

Gemini, founded by Cameron and Tyler Winklevoss in 2014, has drawn significant interest from investors. Reportedly, the IPO was oversubscribed by as much as 20 times, underscoring investor appetite for crypto-related listings.

The company capped proceeds at $425 million despite demand that could have lifted the total to $433 million. At the upper end of the revised $24–$26 range, Gemini WOULD reach a market value of about $3.1 billion, based on 118.7 million outstanding shares reported in its SEC filing. The exchange also reserved about 10% of IPO shares for a directed share program, making them available to selected parties.

Any further price increases will reduce the number of shares sold rather than raise total proceeds.

Earlier, Nasdaq agreed to invest $50 million in a private placement closing alongside the offering, further boosting confidence. Gemini’s bankers, led by Goldman Sachs and Citigroup, have already stopped taking new orders due to the oversubscription.

Gemini operates in over 60 countries and has reported $285 billion in lifetime trading volume. According to its SEC filing, as of June 30, it held 4,002 Bitcoin and 10,444 ether.

Despite growing trading activity, the firm posted a net loss of $282.5 million in the first half of 2025, compared with a $41.4 million loss a year earlier. Revenue for the same period slipped to $68.61 million from $74.32 million.

Crypto Listings Fuel Billions but Volatility Remains

Other crypto firms have tested public markets this year. Stablecoin issuer Figure Technology raised $787.5 million on Wednesday, while Bullish and Circle expanded their offerings earlier in 2025. Together, these deals highlight momentum for digital asset companies under a friendlier regulatory climate.

However, despite this momentum, Bullish shares currently trade at $53.9, down 43.58% from their August listing price. Circle Internet Group shares have climbed 93.7% from their June listing, dropping from a mid-June peak of $263 to as low as $112 before recovering to about $132.

Stocks in the sector remain volatile, reflecting investor enthusiasm and ongoing risks.