- Gemini IPO oversubscribed 20×, raising $425M with final pricing set at $28 per share.
- The crypto exchange hit a $3.33 billion valuation after its Nasdaq IPO debut.
- Strong demand highlights rising investor appetite for regulated crypto IPO offerings.
Gemini’s IPO has received unusual demand, an indication that digital asset firms are getting mainstream investor trust. The offering was over-subscribed more than 20 times, leading to a price increase beyond initial expectations.. This performance makes Gemini stand out from past underwhelming crypto initial offerings and demonstrates a rising interest in regulated digital finance.
Demand Exceeds Supply
According to Reuters, Gemini and its bankers stopped taking new orders for shares on Thursday. Investor demand had already exceeded supply by more than 20 times. In a rare move, Gemini capped proceeds at about $425 million despite the strong appetite.
The company initially expected to raise between $17 and $19 a share. Later, it raised the target range to $24 to $26. By Thursday, the final pricing landed at $28 per share. The listing values Gemini at $3.33 billion on a non-diluted basis.
Gemini will begin trading on Nasdaq under the ticker “GEMI.” The IPO includes 15.2 million shares sold, and Nasdaq itself invested $50 million in the offering. This partnership highlights the integration of traditional financial institutions with crypto-native firms.
Crypto IPOs Redefining the Market
The high demand for Gemini follows a series of successful blockchain listings in 2025. Figure Technologies, which launched the same day as Gemini, saw its shares increase by 24%. Even greater surges were recorded by Circle and Bullish earlier in the year, with gains of 167% and 218% on their opening day.
The result of Gemini’s IPO is the opposite of the previous years, when the outcome of crypto listing used to be below expectations. The sharp oversubscription reflects stronger risk tolerance among investors and growing recognition of crypto as a core financial sector.
Bitwise previously predicted that 2025 would be the “year of the crypto IPO.” A wave of listings from stablecoin issuers, exchanges, and analytics firms now supports its forecast. Kraken, Anchorage Digital, and Chainalysis are expected to follow in the coming months.
Related: Winklevoss vs. Quintenz: Dispute Shadows Gemini’s IPO Launch
A Sector Moving Mainstream
The Securities and Exchange Commission has eased oversight under President Donald Trump. Regulatory wins and record-high digital asset prices are supporting investor confidence. This climate has helped Gemini rebuild momentum after facing scrutiny.
Gemini has indicated strict discipline by capping its proceeds despite the tremendous demand. According to analysts, the move guarantees long-term stability rather than pursuing inflated valuations. This establishes a precedent of how crypto exchanges can be more highly valued in comparison to traditional fintechs.
The oversubscription and pricing success show that crypto firms are no longer fringe IPO candidates. They are now central players shaping the future of public markets. Gemini’s listing marks another step in legitimizing the role of crypto exchanges within global finance.
