Gemini, the cryptocurrency exchange run by twin brothers Tyler and Cameron Winklevoss, has priced its initial public offering (IPO) at $28 U.S. a share.
The final IPO price gives Gemini a valuation of $3.3 billion U.S.
The company’s stock is expected to start trading on the Nasdaq (NDAQ) exchange today (Sept. 12) under the ticker symbol GEMI.
The company sold 15.2 million shares, raising $425 million U.S. in the process. Notably, the IPO was 20 times oversubscribed due to strong interest among individual retail investors.
Gemini had initially priced its IPO as low as $17 U.S. but raised it due to strong demand.
Gemini now becomes the third publicly traded cryptocurrency exchange in the U.S. along with Bullish (BLSH) and Coinbase Global (COIN).
Nasdaq, the exchange on which Gemini’s stock will trade, has agreed to buy $50 million U.S. of the crypto exchange’s Class A common stock in a private placement at the IPO price.
Gemini is one of several high-profile IPOs held over the past week. Klarna (KLAR) and Figure (FIGR) also went public in recent days on the U.S. market.
