Gemini’s Nasdaq IPO Oversubscribed 20x, Caps Raise at $425M Amid Crypto Demand Surge

Gemini's Nasdaq debut shattered conventional IPO playbooks as overwhelming demand forced underwriters to impose a $425 million hard cap. The Winklevoss-led exchange saw orders exceed available shares by twentyfold, prompting Goldman Sachs and Citigroup to close books early—a rare display of restraint in the typically capital-hungry crypto sector.

The institutional frenzy pushed pricing to $24-$26 per share, potentially valuing Gemini above $3 billion. This artificial scarcity play, unusual for traditional listings, signals both pent-up demand for crypto exposure and strategic positioning ahead of Friday's 'GEMI' ticker debut.

Market observers note the offering's success contrasts sharply with recent crypto winters, suggesting renewed institutional confidence. The oversubscription WOULD have enabled a $433 million raise without caps, per SEC filings—leaving $8 million deliberately untapped to stoke post-listing demand.