Crypto exchange Gemini raises $425 million in US IPO, Bloomberg News reports

(Reuters) – Gemini Space Station raised $425 million in an initial public offering, pricing its stock above a marketed range and shrinking the number of shares, Bloomberg News reported on Thursday, citing a person familiar with the matter.

The cryptocurrency firm led by the billionaire Winklevoss twins sold about 15.2 million shares for $28 each after marketing them for $24 to $26 apiece, the report said.

Gemini did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the report.

New York City-based Gemini had capped IPO proceeds at $425 million, in a rare move, even as the offering drew orders more than 20 times the shares available, Reuters reported earlier in the day.

Record high prices for digital assets and regulatory wins have transformed the once beleaguered sector into an anchor for the IPO market, which have resumed a long-awaited recovery this fall after U.S. tariffs delayed listing plans in April.

Nasdaq had committed to a $50 million investment in a private placement at the time of the IPO. Reuters was the first to report on the investment.

(Reporting by Echo Wang in New York and Ateev Bhandari and Devika Nair in Bengaluru; Editing by Arun Koyyur)