Gemini raised $425 million in its IPO, with reports indicating it received over 20 times oversubscription.

BlockBeats News, September 12th, according to Bloomberg citing sources familiar with the matter, cryptocurrency company Gemini Space Station Inc. (Gemini) raised $425 million through its initial public offering (IPO), valuing the company at approximately $3.3 billion. The offering price was higher than the target range and the offering size was reduced. The sources said the company's stock received over 20 times oversubscription.

A source familiar with the matter, who requested anonymity as the information was not public, said that Gemini, led by billionaire twins the Winklevoss brothers, sold about 15.2 million shares at a price of $28 per share on Thursday, up from the previous price range of $24 to $26 per share. Bloomberg News previously reported that the company informed investors on Thursday that the IPO, which planned to receive double-digit oversubscription, set the upper end of the base deal size at $425 million.

According to the prospectus, Nasdaq has agreed to subscribe to $50 million worth of shares at the IPO price through a private placement. Gemini will reserve up to 10% of the IPO shares for long-term users, management and employees, friends and family, and allocate up to 30% of the shares to retail investors participating in the subscription through self-directed investment platforms such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.