Gemini raised $425 million in its IPO by selling approximately 15.2 million shares at $28 each

ChainCatcher news, cryptocurrency company Gemini Space Station Inc. (referred to as Gemini) raised $425 million through its initial public offering (IPO), with its offering price above the proposed range and a reduced offering size.

According to anonymous sources familiar with the matter, led by billionaire twins Winklevoss, Gemini sold approximately 15.2 million shares at a price of $28 per share on Thursday, prior to a proposed price of $24 to $26 per share. Bloomberg News previously reported that the company informed investors on Thursday that it planned to set the IPO base size limit at $425 million, anticipating a double-digit oversubscription. The prospectus shows that Nasdaq has agreed to privately purchase $50 million worth of shares at the IPO price. Gemini will reserve up to 10% of the IPO shares for long-term users, management, employees, and friends and family, and allocate up to 30% of shares to retail investors participating through self-directed investment platforms such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.