Gemini Stock Set to Start Trading Amid Signs of Strong Demand for its IPO

Gemini may be primed to pop when it starts trading.

The crypto exchange founded by twin brothers Cameron and Tyler Winklevoss, set its IPO price, $28 per share, overnight, arriving above an already-boosted expected range of $24 to $26. The company—officially known as Gemini Space Station—sold 15.1 million Class A shares, fewer than previously expected, but at a higher price. The deal raised $425 million, according to the company.

Shares are expected to start trading on the Nasdaq later today using the symbol “GEMI.”

The IPO has many of the trappings of a likely first-day riser. It secured a $50 million private placement investment from Nasdaq, in recent days raised its IPO range, and saw strong demand for the shares: Reuters reported Thursday that demand for the shares was more than 20 times higher than shares available.

The IPO price suggests a market value for Gemini of about $3.3 billion.

Its public debut follows those of other big crypto names like stablecoin operator Circle (CRCL) and institution-focused digital assets platform Bullish (BLSH).

Gemini operates one of the better known crypto exchanges in the U.S., has a credit card that offers crypto rewards and a stablecoin. Though Gemini’s trading volumes are a fraction of the U.S.’s largest crypto exchange Coinbase (COIN), the company said it sees untapped potential in tokenization and card payments for its future growth.