Winklevoss Twins Lead Gemini IPO Raising $425 Million Amid Strong Demand

The Winklevoss twins’ crypto exchange Gemini pulled off one of the year’s most closely watched IPOs. The company raised $425 million, pricing its shares at $28 each. That figure was above the marketed range and highlighted investor excitement. In fact, demand for shares was more than 20 times supply, forcing Gemini to cut back the number of shares rather than expand the offering. The final deal valued the firm at around $3.3 billion, a major statement for a business that is still reporting heavy losses.

This IPO was not just another listing. It was proof that investors still see crypto exchanges as long-term bets, even in volatile markets. The deal came alongside other high-profile IPOs, but Gemini’s oversubscription stood out. This kind of demand signals confidence in both the brand and the broader digital asset sector. For many, Gemini’s debut shows Wall Street still has an appetite for crypto exposure, despite ups and downs in bitcoin and ether.

Winklevoss Twins Push Gemini Into the Spotlight

Cameron and Tyler Winklevoss founded Gemini in 2014 with a clear goal: to build a regulated, trusted crypto exchange. Over the years, they added products beyond trading. The platform now offers a dollar-backed stablecoin, staking services, crypto custody, and even a credit card with crypto rewards. More recently, Gemini partnered with Ripple to launch a new card that drew over 30,000 sign-ups in just one month.

The IPO was their boldest step yet. The Winklevoss brothers know that raising capital in public markets will bring both funding and scrutiny. Investors will now watch every quarterly result closely. For the twins, this listing was not only about cash but also about cementing Gemini’s place among leading crypto exchanges. By pricing the IPO above expectations, they sent a signal that Gemini still commands market trust.

Gemini Faces Losses but Gains Institutional Backing

The IPO also drew attention to Gemini’s financials. The company reported a net loss of $282.5 million in the first half of 2025, on revenue of just $68.6 million. Losses have widened compared to 2024, where it lost $159 million for the full year. This raises the question: can Gemini turn its popularity into profitability?

Despite these red numbers, institutional investors are betting big. Nasdaq itself committed $50 million in a private placement, a rare show of confidence from a traditional market giant. This partnership goes beyond money. Nasdaq wants to use Gemini’s custody services and sees potential for collaboration in trade systems. Such backing shows that large financial players believe Gemini can be more than just another crypto exchange.

Retail Investors Get Their Share of the Gemini IPO

One striking feature of the offering was Gemini’s outreach to retail investors. Up to 30% of the shares were reserved for them through platforms like Robinhood, SoFi, Webull, and others. Another 10% went to long-standing users, employees, and friends of the company. This structure made the IPO more inclusive, allowing everyday traders to take part in the listing.

This move fits well with the Winklevoss vision. Gemini has always tried to balance institutional trust with retail access. By giving retail investors such a large allocation, the company showed it values community participation. In return, it also built goodwill among users who can now call themselves shareholders. This could strengthen customer loyalty and reinforce Gemini’s role as a people-first crypto exchange.

What the Gemini IPO Means for the Crypto Market

The Gemini IPO arrives during a renewed wave of crypto listings. Stablecoin issuers like Circle and Figure have also raised large sums this year. Market momentum is fueled by regulatory clarity, ETF inflows, and rising corporate adoption. Gemini’s success shows that investor appetite remains strong, even if crypto prices move sideways.

Looking ahead, the challenge is execution. Gemini must prove it can grow revenue, cut losses, and stay competitive against giants like Coinbase and Binance. The Winklevoss brothers have placed a bold bet on transparency and regulation. If they succeed, Gemini’s IPO could mark a turning point for how crypto exchanges operate in public markets. Investors are watching closely, and the next few quarters will tell whether this $425 million raise was the start of a new chapter—or just another hype cycle.