Gemini's highly anticipated initial public offering (IPO) on Nasdaq has been oversubscribed more than 20 times, forcing lead underwriters Goldman Sachs and Citigroup to close the order book early and impose a hard cap of $425 million on total proceeds. This unconventional move, which sacrifices potential capital to create scarcity, came amid overwhelming investor demand for the crypto exchange's shares.
The frenzy drove a significant increase in the proposed share price range, which was revised upward to $24–$26 from an initial range of $17–$19 just days prior. At the top of this range, Gemini's market valuation could exceed $3 billion. Nasdaq itself is purchasing $50 million in shares as part of a strategic partnership, adding institutional credibility to the listing.
This follows another successful Web3 debut: Figure Technologies, a blockchain-based financial marketplace, saw its shares jump 24.4% on its first trading day after raising $787.5 million in an upsized IPO. Figure had also revised its list price multiple times due to demand, ultimately settling at $25 per share from an initial $18.
The success of these listings echoes earlier crypto IPOs in 2025. Stablecoin issuer Circle raised $1 billion and saw its stock surge 167% on its first day, while cryptocurrency exchange Bullish's share price soared as high as 218%. Bitwise had previously predicted that 2025 would be the "year of the crypto IPO," with candidates like Kraken, Anchorage Digital, and Chainalysis potentially following suit.