Gemini, the crypto exchange founded by the Winklevoss twins, is preparing for a blockbuster debut on Friday with its initial public offering (IPO) already oversubscribed more than 20 times.
According to Reuters, Gemini and its bankers stopped taking new share orders on Thursday after overwhelming demand, an unusual move in IPOs that capped proceeds at $425 million.
The exchange had earlier raised its target to $433 million, increasing its listing price range to $24–$26 from the initial $17–$19. Among its backers is Nasdaq, which is reportedly investing $50 million as part of a strategic partnership
Figure Joins Nasdaq With Strong Debut
Gemini isn’t the only crypto player making headlines this week. Blockchain marketplace Figure Technologies also went public on Nasdaq on Thursday, with shares climbing 24.4% on the first day of trading.
The company raised $787.5 million after multiple price revisions pushed its final offering price to $25, up from the $18 floor. While Figure’s debut was strong, it didn’t match the frenzy seen around Circle and Bullish earlier this year.
Stablecoin issuer Circle raised $1 billion in its IPO, with shares jumping 167% on day one, while crypto exchange Bullish saw its stock surge by as much as 218%.
2025 Shaping Up as the Year of Crypto IPOs
Industry experts say Gemini’s hotly anticipated debut is part of a broader wave of crypto firms tapping public markets in 2025.
Bitwise, a leading crypto ETF issuer, predicted this year would be the “year of crypto IPOs.” Other major players reportedly eyeing listings include Kraken, Anchorage Digital, and Chainalysis.
With investor demand at record highs, Gemini’s listing could set the tone for another explosive season of crypto IPOs.
