Gemini’s IPO Soars: $425M Raise Closes with 14% Nasdaq Debut Surge
Gemini storms Wall Street with blockbuster public offering—crypto exchange proves traditional finance still craves digital asset exposure.
Market Momentum
The $425 million fundraising marks one of the largest crypto-related IPOs this year, defying recent sector volatility. Shares jumped 14% at closing—outpacing most fintech debuts.
Nasdaq Embrace
Wall Street’s embrace signals growing institutional acceptance, though skeptics whisper about crypto’s uncanny ability to separate bulls from their money during hype cycles.
Looking Ahead
Gemini’s successful listing reinforces crypto’s maturation narrative—even if traditional finance still treats digital assets like a rebellious teen with promising trust fund potential.
Gemini joins list of public crypto companies following Nasdaq debut
Crypto exchange Gemini made its Nasdaq debut on Friday under the ticker GEMI with a valuation of $4.4 billion.
The stock opened at $37.01, well above its IPO price of $28 per share, through which the crypto exchange raised $425 million by selling roughly 15.2 million shares.
Gemini earlier raised its IPO price to a range between $24 to $26 per share on Thursday, beating its initial projection of $17 to $19 per share.
The firm announced earlier this week that Nasdaq had agreed to purchase $50 million worth of Gemini’s Class A common stock through a private placement.
Co-founders Cameron and Tyler Winklevoss are expected to retain about 94.5% of Gemini’s voting power following the IPO, according to a Bloomberg report.
The launch marks a strong finish to the week for crypto firms who joined the public market, including Figure Technology (FIGR), a crypto financial services firm, which surged more than 24% in its market debut on Thursday.
Gemini also joins Robinhood, Coinbase, Circle and Bullish among publicly traded crypto firms.
The company's co-founders shared their excitement regarding the launch during an interview with CNBC on Friday.
"On day one it was just Bitcoin. Gemini was a place people could easily and safely buy, sell and store Bitcoin and now I think we have +100 tokens. So, the space has grown considerably over the last decade, but we think it's just the beginning,” Cameron Winklevoss told CNBC.
Gemini's shares traded at $32 on Friday, up 14% at the close of the market. The stock has extended its gains in after market trading, rising 1.5% at publication time.
