Gemini IPO was capped at $425 million after bankers stopped taking orders, with the offering reportedly oversubscribed more than 20x and Nasdaq buying $50 million in shares; the move highlights strong investor demand for crypto IPOs in 2025.
Gemini capped proceeds at $425M after halting new orders, with Nasdaq as a $50M strategic investor.
Gemini’s prospective share range moved to $24–$26, up from an initial $17–$19 floor.
Figure Technologies raised $787.5M on debut; Circle and Bullish posted larger first‑day gains in 2025.
Gemini IPO capped at $425M as orders were halted; learn what this means for crypto IPOs in 2025 and next steps for investors. Read more on market impact.
What is the Gemini IPO and why does it matter?
Gemini IPO is the public listing of the Gemini cryptocurrency exchange, which was reportedly oversubscribed and capped at $425 million after banks stopped accepting new orders. The transaction, which lists Nasdaq as a strategic investor, signals renewed institutional appetite for regulated crypto listings in 2025.
How was the Gemini IPO priced and subscribed?
Bankers raised the prospective share range to $24–$26, up from the prior floor of $17–$19. Sources report the offering was oversubscribed more than 20 times and that new orders were closed early, effectively capping proceeds at $425 million.
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Gemini had initially increased its raise to $433 million before the cut. Nasdaq is reported to be purchasing $50 million in shares as part of a strategic partnership. These details were reported by industry outlets including Reuters and Yahoo Finance (plain text references only).
Figure share price on debut. Source: Yahoo Finance
How does Gemini’s debut compare to other crypto IPOs in 2025?
Several 2025 public listings show varying investor responses. Figure Technologies raised $787.5 million and saw its shares jump 24.4% on debut. Circle’s IPO was raised to $1 billion and saw a first‑day increase of roughly 167%. Bullish experienced intraday gains as high as 218% on its initial trading day.
| Company | Approx. Proceeds | First‑Day Performance |
|---|---|---|
| Gemini | $425 million (capped) | Reported oversubscription 20x; Nasdaq $50M investor |
| Figure Technologies | $787.5 million | +24.4% on debut |
| Circle | $1 billion | ~+167% on first day |
| Bullish | Varied listing size | Up to +218% intraday |
Why did bankers stop accepting new orders for Gemini?
Underwriters can halt new orders when demand far exceeds supply to stabilize allocation and pricing. Closing the books early and capping proceeds is a standard tool to manage distribution when an IPO is materially oversubscribed, helping reduce aftermarket volatility at listing.
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Investor enthusiasm for regulated crypto firms appears robust in 2025. Analysts and market participants are pointing to increased interest in exchanges, stablecoin issuers, and blockchain analytics firms. Bitwise and other market observers listed multiple potential candidates, including Kraken, Anchorage Digital, and Chainalysis.
The Gemini IPO was reportedly capped at $425 million after bankers closed the books due to heavy demand. Capping proceeds is used to manage allocation and reduce the risk of extreme post‑listing price swings.
Strong retail and institutional demand, constrained float, and heightened investor interest in crypto infrastructure and stablecoin business models drove large first‑day gains for listings like Circle and Bullish in 2025.
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