Gemini, the cryptocurrency exchange founded by twins Tyler and Cameron Winklevoss, has raised $425 million through its highly anticipated IPO, marking a significant moment for the crypto industry. Priced at $28 per share, the offering values Gemini at $3.3 billion and was met with overwhelming demand, reportedly oversubscribed by more than 20 times. Initially expected to raise $317 million, the strong investor appetite allowed the company to raise its pricing and valuation, even as the overall number of shares on offer was slightly reduced.

The IPO saw 15.18 million shares sold, with the stock set to begin trading on the Nasdaq under the ticker symbol ‘GEMI’. In a strategic boost, Nasdaq made a separate $50 million investment in Gemini prior to the IPO, aiming to expand access to digital asset custody for its clients.

Founded in 2014, Gemini has built a reputation as a regulated exchange, enabling users to trade more than 70 cryptocurrencies as well as crypto derivatives. The company is positioning itself as a trusted choice for U.S. investors seeking exposure to digital assets despite facing industry challenges, including recent disputes and regulatory scrutiny.

Gemini’s public listing comes as other crypto firms such as Circle and Bullish have recently made their debuts, though the sector as a whole has experienced some cooling in digital asset prices. Unlike some of its publicly traded peers, Gemini remains unprofitable, having reported significant losses in recent periods. However, optimism around regulatory progress and growing institutional interest in crypto assets provide reasons for a positive outlook on Gemini’s future in the marketplace.