The crypto exchange Gemini, founded by the Winklevoss twins, is gearing up for its initial public offering, expected on Friday. Demand for shares has exceeded 20 times.
Expected IPO of Gemini
Gemini and its bankers stopped taking new share orders on Thursday due to overwhelming demand, which is an unusual move in IPOs. The total proceeds were capped at $425 million. The exchange had earlier raised its target to $433 million, increasing its price range to $24–$26 from the initial $17–$19. Among its backers is Nasdaq itself, which is reportedly investing $50 million as part of a strategic partnership.
Figure's Debut on Nasdaq
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.
Outlook for Crypto IPOs in 2025
Industry experts say Gemini’s 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.
With current trends of increasing investments in the crypto market, the IPOs of Gemini and others may signal a renewed interest in cryptocurrencies.
