Key Takeaways:
- Gemini IPO was oversubscribed more than 20 times, forcing bankers to stop taking orders and set a hard cap.
- The crypto exchange priced its shares at $28 (above an elevated target range), giving it a valuation of approximately $3.3 billion.
- The $50 million strategic investment from the NASDAQ signals a significant vote of confidence from institutional investors in the crypto space.
Table of Contents
Gemini IPO: A Landmark Listing for Crypto
Gemini IPO has captured the attention of Wall St. and crypto news. In a remarkable display of demand, investment bankers were all but forced to stop accepting orders for this offering as it became more than 20 times oversubscribed. Because of demand, the Initial Public Offering (IPO) was able to increase the price range from an original $17-$19 to $24-$26 (and ended up pricing at $28 a share). To keep orderly trading and a balanced offering, the firm capped the total raise to $425 million by selling 15.2 million shares instead of 16.67 million.
Nasdaq Bets Big on Crypto’s Future
A key milestone for the offering was the announcement that Nasdaq Inc. itself would make a $50 million strategic investment in a private placement. This play is much more than just a financial bet; it is an important endorsement. Under the partnership, Nasdaq’s clients will get access to Gemini’s custodial and staking services, while Gemini will resell Nasdaq’s institutional-grade trading technologies.
Seizing the 2025 Web3 IPO Opportunity
Gemini IPO is also part of a surge of crypto offerings in 2025, although its financials paint a different picture. In the first half of the year, the exchange widened losses (around $282.5 million nonetheless), and investors are clearly betting on future growth. The appetite is reminiscent of Circle’s first-day performance when its shares rocketed up to 167% and Figure Technologies, which jumped 24% at its debut. In fact, the market is exhibiting a clear desire for shares of companies building the infrastructure of Web3, even if profitability is still a way off.
Read also: Gemini’s XRP Credit Card Launches: Earn 4% Crypto Back on Everyday Spending
Vote of Confidence
The extraordinary demand for the Gemini IPO shows a clear vote of confidence in the maturation of the crypto space. It is proof that institutional capital is now ready to jump on board with big players and to consider this a long-term investment in infrastructure instead of speculation.
This successful listing will also provide momentum for the other crypto giants waiting in the wings, and will forecast 2025 as the year crypto finally went mainstream on Wall Street.
Final Thought: If Nasdaq, a traditional financial giant, has now fully ‘bought in’, can it be said that the legitimacy debate of crypto is now complete?
FAQs
So what does “20x oversubscription” mean?
This means investor orders for shares exceeded the number of shares initially intended to be sold by Gemini 20 times over. This indicated a huge demand.
Why did Gemini cap its IPO at $425 million?
In the Gemini IPO, bankers capped the raise to contain the massive demand, to properly allocate the orders, and to avoid extreme volatility when the shares first started trading publicly.
What is a strategic investor like Nasdaq?
A strategic investor is a company that invests for higher purposes than solely financial returns, as they are forming a business partnership and intend to integrate services and technologies to develop a mutually beneficial ecosystem.
For more Gemini-related stories, read: Gemini Secures $50 Million Backing from Nasdaq Ahead of IPO; Here’s What’s Behind the Deal
