Winklevoss twins’ Gemini Space Station set to make a spectacular debut on Nasdaq today. Multiple factors, including a 20x Gemini IPO oversubscription, pricing its GEMI stock above the marketed range, and crypto market recovery, signal it. The company’s valuation also gets a boost from $2.22 to $3.3 billion.
Multiple Factors Signal a Strong Nasdaq Debut of Gemini IPO
Gemini, a crypto exchange founded by Cameron and Tyler Winklevoss, is setting the stage for making a strong listing on Nasdaq as investor sentiment improves after the latest jobs and inflation data. The company expects institutional interest similar to that garnered by stablecoin issuer Circle and crypto exchange Bullish.
Gemini IPO Subscribed 20 Times
Gemini IPO was subscribed over 20 times as many investors rushed to buy shares of the crypto exchange, as per people familiar with the matter. This indicates the massive demand for the IPO as crypto listings gather momentum amid a crypto-friendly regulatory landscape under the Trump administration.
Moreover, a $50 million investment in from Nasdaq signaled institutional interest from financial giants. Nasdaq became Gemini’s strategic investor to gain its custody and staking services and provide access to Nasdaq’s Calypso platform.
GEMI Share Price Raised to $28 on Last Day
The crypto firm raised its initial public offering price to $28 per share late Thursday, CNBC reported on September 12. Earlier, the company increased the offering price of 16.67 million shares to between $24 and $26 each due to strong demand, up from the initial IPO price $17 to $19 per share.
Also, firms stopped taking orders to reduce the number of shares and raise $425 million from investors. This boosted Gemini’s valuation to $3.3 billion. Some believe Winklevoss intentionally capped the shares offering to make it list higher on debut.
Moreover, Gemini raised retail investor IPO allocation from 10% to 30% of GEMI stock. This allowed Robinhood, SoFi, Hong Kong-based Futu Securities, Singapore’s Moomoo Financial, Webull, and other platforms the opportunity to offer 5 million shares.
Crypto Market Recovery Boosts Investors’ Sentiment
Bitcoin, Ethereum, and other altcoins recorded a rebound, triggering a broader crypto market recovery. BTC hits $116K and ETH price climbs above $4,550 in the last 24 hours amid inflows into ETFs. Altcoins such as XRP and Solana soared in response to the ETF approval. As reported by CoinGape, DTCC listed Fidelity’s Solana ETF, Canary’s HBAR ETF, and Canary’s XRP ETF.
Similarly, the U.S. equity capital markets rebound from a recent pullback, with strong demand for new listings. This happened after multiple job reports showed weakness in the U.S. labor market. Inflation in the U.S. has slightly cooled as indicated by PPI and CPI inflation data.
Varinder Singh
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 5000 news articles and papers.
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