Gemini Upsizes IPO To Raise $425 Million, Winklevoss Twins-Founded Crypto Exchange Targets $3 Billion Valuation

Cryptocurrency exchange Gemini raised $425 million in an initial public offering, pricing its shares above the expected range, according to an announcement made late Thursday.

Gemini Potentially Worth Over $3.2 Billion

The company, founded by billionaire twin brothers Cameron and Tyler Winklevoss, sold approximately 15.178 million shares at $28 each. This exceeded the initially projected range of $24 to $26 per share.

This values the company, listed as Gemini Space Station in SEC filings, at $3.32 billion on a non-diluted basis, based on the 118,783,069 outstanding shares previously disclosed.

Gemini is expected to begin trading on Nasdaq under the ticker “GEMI” on Friday. Goldman Sachs Group Inc. (NYSE:GS) and Citigroup Inc. (NYSE:C) are the …

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