Gemini Holds Firm on $425M IPO Cap Despite Heavy Oversubscription

Gemini has capped its IPO at $425 million despite demand exceeding available shares by more than 20 times. The Winklevoss-led crypto exchange maintained its original 16.7 million share offering, refusing to expand even as pricing may reach the top of its $24-$26 range or higher. Any upward price adjustment would trigger a share reduction rather than dilution of existing stakeholders.

The disciplined approach comes amid a strong week for U.S. listings, with Klarna, Figure Technology, and LB Pharmaceuticals all outperforming targets. Nasdaq's concurrent $50 million private placement underscores institutional confidence in Gemini's valuation. The exchange's restraint contrasts with the broader 36.5% average gain for 2025 IPOs, signaling strategic prioritization of stakeholder value over short-term capital influx.