Cryptocurrency exchange Gemini, founded by the Winklevoss twins, successfully raised $425 million through its IPO, solidifying its position among the few U.S.-listed crypto trading platforms.
Successful Share Placement
The company priced 15.18 million Class A shares at $28 each, above the previously announced range of $24-$26 and significantly higher than the initial estimate of $17-$19. This indicates strong investor demand despite ongoing volatility in the cryptocurrency markets.
Winklevoss Control
Despite going public, Gemini will remain firmly under the control of its co-founders. According to Bloomberg, the Winklevoss twins are expected to retain 94.5% of the company’s voting power, ensuring strategic control of the exchange.
Third U.S.-Listed Crypto Exchange
Gemini becomes the third U.S.-listed cryptocurrency exchange, joining Coinbase and Bullish. This milestone highlights the company's ambitions to stand alongside larger industry players and expand its footprint in a growing, heavily regulated market.
The success of Gemini's IPO amidst market volatility underscores investor confidence in the company's long-term strategy and solidifies the Winklevoss brand in the digital economy.
