TechFlow, September 12 — According to Bloomberg News citing people familiar with the matter, cryptocurrency company Gemini Space Station Inc. (shortened as Gemini) raised $425 million through its initial public offering (IPO), pricing above its indicated range while reducing the offering size.
The sources, who requested anonymity due to the unpublicized information, said Gemini, led by billionaire twins Winklevoss, sold about 15.2 million shares on Thursday at $28 per share, above the previously indicated price range of $24 to $26 per share. Bloomberg earlier reported that on Thursday the company informed investors it would cap the base size of its IPO—which was expected to receive double-digit oversubscription—at $425 million.
According to the offering documents, Nasdaq has agreed to purchase $50 million worth of shares via a private placement at the IPO price. Gemini will reserve up to 10% of the IPO shares for long-term users, management and employees, and friends and family, and allocate up to 30% of shares to retail investors participating through self-directed investment platforms such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.
