By Anthony Hughes

(Bloomberg) — Gemini Space Station Inc. increased the potential size of its initial public offering to $433.3 million, after the oversubscribed listing drew a private placement from another exchange operator.

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The cryptocurrency firm led by the billionaire Winklevoss twins raised the price range to $24 to $26 per share from $17 to $19, according to a filing with the US Securities and Exchange Commission on Tuesday. The company is still offering 16.7 million shares in the IPO.

Tyler Winklevoss and Cameron Winklevoss at the White House in July. REUTERS

At the top of the elevated IPO range, Gemini would have a market value of $3.1 billion based on the outstanding shares listed in its filing. The offering is well oversubscribed, people familiar with the matter have said.

The company announced a $50 million private placement at the IPO price by Nasdaq Inc. earlier on Tuesday in a revised filing. The placement is contingent on the closing of the IPO.

Gemini is setting aside 10% of the IPO for long-standing users, management and employees and friends and family, and up to 30% for retail investors on self-directed investing platforms operated by firms including Robinhood Markets Inc. (HOOD), SoFi Technologies Inc (SOFI). and Webull Corp. (BULL)

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini has more than $18 billion of assets on the platform, the filing shows. The firm offers a crypto exchange, a US dollar-backed stablecoin, crypto staking, digital asset custody and a credit card that offers rewards in crypto.

Gemini had a net loss of $282.5 million on $68.6 million total revenue in the six months ending June 30, compared to a net loss of $41.4 million on total revenue of $74.3 million in the same period last year, according to the filing.

The offering is being led by Goldman Sachs Group Inc. and Citigroup Inc., the filing shows. Gemini is expected to begin trading on the Nasdaq Global Select Market under the symbol GEMI.

—With assistance from Monique Mulima.

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