Gemini Upsizes IPO To Raise $425 Million, Winklevoss Twins-Founded Crypto Exchange Targets $3 Billion Valuation - Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial int

Group 1 - Cryptocurrency exchange Gemini raised $425 million in its initial public offering (IPO), pricing shares at $28, above the expected range of $24 to $26 [1][2] - The IPO values Gemini at approximately $3.32 billion on a non-diluted basis, based on 118,783,069 outstanding shares [2] - Gemini is set to begin trading on Nasdaq under the ticker "GEMI" with Goldman Sachs and Citigroup as lead underwriters [3] Group 2 - The IPO follows a strategic investment from Nasdaq, which committed to purchasing $50 million worth of shares at the time of the IPO [3] - Despite reporting a net loss of $282.5 million in the first half of 2025, Gemini joins the trend of digital-asset firms going public, becoming the third publicly traded crypto exchange after Coinbase and Bullish [4] - Gemini's business includes over-the-counter trading, a cryptocurrency-backed credit card, and support for major tokens like Bitcoin and Ethereum [4]