Winklevoss-Backed Gemini Prices IPO at $28/Share, Values Crypto Exchange at More Than $3B

Gemini, the crypto exchange backed by Tyler and Cameron Winklevoss, priced its initial public offering at $28 a share, valuing the company at around $3.3 billion.

The company sold 15.2 million shares, raising $425 million, it said in a Thursday press release. The IPO was 20 times oversubscribed, according to a Reuters report on Thursday.

The shares will start trading on the Nasdaq Global Select Market later Friday under the ticker symbol GEMI.

The exchange is the latest crypto native firm to go public. Rival exchange Bullish (BLSH), the owner of CoinDesk, sold shares at $37 each last month, above the expected $32-$33 range.

Gemini said in a filing pm Tuesday that TradFi giant Nasdaq (NDAQ), had agreed to buy $50 million of its Class A common stock in a private placement at a price equal to the IPO price.

Lead underwriters on the Gemini IPO were Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and Cantor.

Gemini raised the price range for the IPO to $24-$26, from $17-$19, in an updated S1 filing earlier in the week.