Odaily Planet Daily News: Bloomberg quoted people familiar with the matter as saying that cryptocurrency company Gemini Space Station Inc. (Gemini for short) raised US$425 million through its initial public offering (IPO). Its issue price was higher than the promotion range and the issue size was reduced.

Gemini, led by the billionaire Winklevosses, sold about 15.2 million shares on Thursday at $28 apiece, after previously offering them at $24 to $26, according to people familiar with the matter who asked not to be identified because the information is private. Bloomberg News earlier reported that the company told investors on Thursday it planned to cap the base size of its IPO at $425 million, which was oversubscribed by double digits.

The prospectus indicates that Nasdaq has agreed to subscribe for $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, and friends and family, and allocate up to 30% to retail investors who subscribe through proprietary investment platforms such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.