Cryptocurrency exchange Gemini raises IPO issue price to $28 per share, valuing at $3.3 billion

On Thursday evening, cryptocurrency exchange Gemini completed its IPO pricing at $28 per share, valuing the company at $3.3 billion. According to Bloomberg, this pricing exceeded the previous expected range of $24-26, highlighting strong market demand for this cryptocurrency company. Due to robust market demand, Gemini limited the IPO size to $425 million, ultimately issuing 15.2 million shares, fewer than the initially planned 16.67 million shares. Earlier this week, the company raised the price range from $17-19 to $24-26. NASDAQ announced a strategic investment of $50 million in Gemini this week, adding institutional confidence to the listing of this cryptocurrency exchange. Gemini shares will begin trading today on the NASDAQ under the ticker symbol "GEMI." Despite the strong IPO performance, Gemini still faces performance challenges. The company reported a net loss of $282.5 million in the first half of 2025, significantly widening from a loss of $41.4 million in the same period of 2024, with revenue also declining. Strong Demand Drives Up Issuance Price, NASDAQ Strategic Investment Boosts Confidence According to Bloomberg citing informed sources, Gemini ultimately priced its shares at $28, exceeding the expected range of $24-26. The company limited the IPO size to $425 million, reducing the number of shares issued from the initially planned 16.67 million to 15.2 million, reflecting strong market demand. Gemini and its shareholders also granted underwriters led by Goldman Sachs, Citigroup, and Morgan Stanley a 30-day overallotment option to sell an additional 452,800 shares and 380,500 shares, respectively. According to the issuance arrangement, up to 30% of the issued shares will be made available to retail investors through platforms such as Robinhood, SoFi, Futu Securities, Moomoo Financial, and Webull. NASDAQ announced a strategic investment of $50 million in Gemini this week, which will be completed immediately after the IPO through a private placement. This investment provides important institutional backing for Gemini's listing. Under the cooperation agreement, Gemini will provide cryptocurrency custody and staking services for NASDAQ clients. At the same time, Gemini will become a distributor of NASDAQ's Calypso solutions, offering collateral management services to its institutional clients. This strategic partnership is expected to help Gemini expand its institutional client resources and enhance its influence in traditional financial markets. Business Growth and Widening Losses Coexist Gemini was founded in 2014 and currently operates in over 60 countries, with a cumulative trading volume exceeding $285 billion, platform assets over $21 billion, and 1.5 million trading users. As of June 30, the company held 4,002 bitcoins and 10,444 ethers Financial data shows that Gemini achieved a trading volume of $24.8 billion in the first half of 2025, a 49.4% increase compared to $16.6 billion in the same period of 2024. However, the company's revenue has declined, with revenue for the first six months of 2025 at $68.61 million, down from $74.32 million in the same period of 2024. In terms of net losses, Gemini reported a loss of $282.5 million in the first half of 2025, far exceeding the $41.4 million loss in the same period of 2024. For the entire year of 2024, the company had a net loss of $159 million. Gemini will become the third publicly traded cryptocurrency exchange after Coinbase and Bullish, which went public last month. The successful listings of Circle Internet and Bullish had previously boosted market confidence, but recently, the prices of mainstream cryptocurrencies like Bitcoin and Ethereum have shown signs of consolidation. Unlike the profitability of Circle Internet and Bullish, Gemini is currently still in a loss-making state, and the losses are on the rise. This will test investors' confidence in the long-term prospects of the cryptocurrency industry. The credit card product launched in collaboration with Ripple last month received over 30,000 applications in August, setting a new monthly record and more than doubling the number of applications from the previous month, indicating that its product innovation capabilities are still strengthening