Gemini Space Station raised $425 million in its initial public offering Thursday night, selling fewer-than-expected shares but above the recently raised price range. The company is set to become the third public crypto exchange, along with Coinbase (COIN) and Bullish (BLSH), which launched last month. Gemini will trade on the Nasdaq starting today under the ticker symbol GEMI.
Gemini sold 15.2 million shares at $28. On Wednesday, the crypto exchange said it planned to offer 16.67 million shares at $24 to $26 per share. The raised the price range from $17-$19 per share.
The reduced shares sold appeared to reflect massive demand.
Gemini early Tuesday also announced that Nasdaq (NDAQ) signed on as a strategic investor. Nasdaq will buy $50 million shares in a private placement, which will close immediately after the IPO.
As part of the deal, Gemini will give Nasdaq's clients the ability to custody and stake crypto assets. Additionally, Gemini will become a reseller for Nasdaq's Calypso Solution, which will give its institutional customers access to collateral management solutions.