Crypto exchange Gemini prices IPO above range to raise $425 million

Company Overview - Cryptocurrency firm Gemini Space Station raised $425 million in an initial public offering (IPO), pricing its stock at $28 per share, above the marketed range of $24 to $26, which indicates strong investor interest [1][2] - The IPO values Gemini at $3.33 billion on a non-diluted basis [1] Market Context - The price range for the IPO was increased from $17 to $19 earlier in the week, reflecting robust demand from investors [2] - The IPO market is experiencing a recovery, aided by record high prices for digital assets and favorable regulatory developments [3] Trading and Investment - Gemini will begin trading on Nasdaq under the ticker "GEMI" [3] - Nasdaq committed to a $50 million investment in a private placement at the time of the IPO [3] Industry Trends - The cryptocurrency sector is seeing increased momentum in listings, with other companies like Figure Technology and CoinDesk also raising significant funds through IPOs [4] - The easing of oversight by the Securities and Exchange Commission (SEC) has contributed to the sector's growth [4] Regulatory Environment - Gemini is working towards resolving an SEC lawsuit related to a cryptocurrency asset lending program, which has not yet been settled [5] - The sector's connection to Washington is highlighted by recent political developments involving the Commodity Futures Trading Commission [6]