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**Summary:**

Gemini Space Station, the cryptocurrency exchange founded by the Winklevoss twins, has successfully priced its IPO at $28 per share, exceeding its initial target range and valuing the company at $3.3 billion. The IPO, trading under the symbol GEMI on the Nasdaq, saw strong demand, leading to a reduction in the number of shares offered. While Gemini holds a substantial amount of assets, it’s also experiencing widening losses. However, recent positive developments include a $50 million investment from Nasdaq and strong interest in its new crypto-backed credit cards. The performance of GEMI on the market will indicate the strength of the crypto IPO market overall, especially given recent cryptocurrency price consolidation and Gemini’s reported losses.

**News Article:**

**Gemini Rockets Past Expectations with $3.3 Billion IPO Valuation**

**New York, NY** – Gemini Space Station, the cryptocurrency exchange spearheaded by Cameron and Tyler Winklevoss, made a stellar debut on the public market late Thursday, pricing its initial public offering (IPO) at $28 per share. This figure surpasses the company’s anticipated range of $24 to $26, giving Gemini a valuation of approximately $3.3 billion.

According to sources familiar with the offering, strong investor demand fueled the oversubscribed IPO. Gemini originally planned to offer 16.67 million shares but scaled that back to 15.2 million when setting the price. The company and selling stockholders have granted the underwriters, led by Goldman Sachs, Citigroup, and Morgan Stanley, an option to purchase additional shares. Gemini stock will trade on the Nasdaq under the ticker symbol “GEMI.”

Up to 30% of the shares offered will be reserved for retail investors through popular platforms such as Robinhood, SoFi, and Webull.

Founded in 2014, Gemini boasts over $21 billion in assets held on its platform as of the end of July. The market’s response to Gemini’s initial trading will be closely watched as an indicator of the overall health of the crypto IPO market. Recent listings of Circle Internet and Bullish have been successful, but major cryptocurrencies like Bitcoin and Ether have experienced price consolidation.

Adding a layer of complexity, Gemini’s financial reports show increasing losses. The company reported a net loss of $283 million in the first half of 2025, following a $159 million loss in 2024.

However, Gemini has also seen positive developments. Nasdaq recently announced a $50 million strategic investment in the company, seeking to integrate Gemini’s custodial services and leverage the exchange as a distribution partner for its Calypso trade management system. Furthermore, the launch of new crypto-backed credit cards, including a recent partnership with Ripple, has generated significant interest, with the Ripple card garnering over 30,000 sign-ups in August.

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