Winklevoss-founded crypto exchange Gemini prices IPO at $28

Gemini Space Station, the cryptocurrency company founded by Cameron and Tyler Winklevoss, has priced its initial public offering at $28 per share, valuing the company at $3.3 billion. The offering was priced above the expected range of $24 to $26, indicating high demand for the company. The company sold 15.2 million shares, capping the value of the offering at $425 million. The underwriters have been granted a 30-day option to sell additional shares. Gemini stock will trade on the Nasdaq under the ticker symbol “GEMI.”

Up to 30% of the shares offered will be reserved for retail investors through platforms like Robinhood, SoFi, and others. Gemini, primarily operating as a cryptocurrency exchange, was founded in 2014 and holds over $21 billion of assets on its platform. Despite reported losses, the company received a $50 million strategic investment from Nasdaq, aiming to offer its clients access to Gemini’s services.

Gemini also offers a crypto-backed credit card and recently launched a card in partnership with Ripple, with a significant increase in credit card sign-ups. The company’s IPO will give the market insight into the future of cryptocurrency companies. For more cryptocurrency insights, check out CNBC Pro Live.