Cryptocurrency exchange Gemini Space Station Inc. (GEMI.US) will list on the Nasdaq this Friday, September 12th.

According to sources familiar with the matter, the company, backed by billionaires Cameron and Tyler Winklevoss, priced its initial public offering (IPO) at $28 per share, aiming to raise $425 million by issuing approximately 15.2 million shares. According to a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, the IPO price range was $24-26 per share, with a planned offering of approximately 16.7 million shares.

Notably, Nasdaq is aggressively investing in the cryptocurrency sector and accelerating its expansion through substantial investment. The filing indicates that Nasdaq has agreed to conduct a $50 million private placement at the IPO price level. In addition, Gemini plans to reserve up to 10% of its IPO shares for long-term users, management, employees, and their families and friends, and up to 30% for retail investors participating through self-service investment platforms operated by companies such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.

According to the filing, the Winklevoss twins held nearly all of the company's shares prior to the offering and are expected to continue to control approximately 94.5% of the voting rights after the IPO.

According to data, Gemini was founded in 2014 and currently manages over $18 billion in assets. Its services include cryptocurrency trading, issuance of US dollar stablecoins, crypto asset custody, staking services, and a crypto rewards credit card. According to the prospectus, Gemini achieved total revenue of $68.6 million in the first half of 2025, a decrease from the same period last year, but its net loss widened to $283 million. Transaction fee revenue accounted for 65.5%, indicating the company's high reliance on trading volume fluctuations.