Gemini Stock Soars Past $40 Milestone in Nasdaq Debut—Crypto Exchange Defies Market Gravity

Gemini's market entrance didn't just meet expectations—it shattered them. The crypto exchange's shares blasted past the $40 barrier on its first Nasdaq trading day, signaling robust investor appetite for digital asset platforms even amid regulatory headwinds.

Nasdaq's New Crypto Darling

Trading volumes surged as institutional and retail investors piled into the stock, pushing valuations into uncharted territory for a freshly listed crypto entity. The debut performance outpaced most traditional fintech IPOs this year—no small feat given the sector's recent volatility.

Wall Street Meets Crypto Frontier

The successful listing demonstrates maturing mainstream acceptance of cryptocurrency infrastructure plays, though skeptics whisper about how long the euphoria can last before the next 'crypto winter' freezes valuations. After all, Wall Street's embrace of crypto has always been a fair-weather romance—they'll love you until the first major correction.

Gemini's Nasdaq triumph isn't just about one company's success—it's a temperature check on institutional crypto adoption. And right now, the fever is still rising.

TLDR

• GEMI stock opened above $40 after pricing its IPO at $28 per share.
• Gemini raised $425 million after the IPO was 20 times oversubscribed.
• GEMI is the fourth crypto exchange listed publicly in the United States.
• Gemini holds 4,002 BTC and ranks as the 22nd largest public BTC holder.

Gemini’s GEMI stock began trading on the Nasdaq and quickly rose over 20% from its initial public offering (IPO) price of $28. The crypto exchange, backed by the Winklevoss twins, saw its shares surge above $40 shortly after listing, before settling around $34 at press time.

This performance places Gemini among a growing list of crypto firms, including Circle and Bullish, that have recorded strong public market debuts.

GEMI Stock Opens Strong With Double-Digit Gains

GEMI opened above $40 in its first trading session, marking a strong entrance onto the Nasdaq exchange. According to Yahoo Finance, the stock traded at $34 later in the day, still more than 20% above the IPO price of $28.

Before listing, Gemini raised the IPO price due to strong investor interest. The offering was reportedly 20 times oversubscribed, allowing the company to raise $425 million, exceeding the original target of $300 million.

The company’s successful debut continues the recent momentum in crypto-related IPOs. It follows the public listings of Bullish and Circle, which also saw their stocks gain following strong initial demand.

Gemini Joins List of Public Crypto Exchanges

With its Nasdaq listing, Gemini becomes the fourth publicly traded crypto exchange in the United States. It joins Robinhood, Coinbase, and Bullish, all of which already operate as public firms.

Based on its share price, Gemini’s market cap is estimated at around $4 billion. In comparison, Robinhood has a market cap of $102 billion, while Coinbase stands at $83 billion. Bullish has a valuation of $7.6 billion.

While Gemini is smaller than its publicly traded peers by market cap, its entry into the market adds to investor interest in crypto-focused companies. Analysts are watching how the new listing will affect the competitive landscape in the crypto exchange space.

Bitcoin Holdings Among Public Crypto Firms

Besides being a trading platform, Gemini is also one of the few public crypto exchanges holding Bitcoin in its treasury. According to available data, Gemini currently holds 4,002 BTC, placing it as the 22nd largest public Bitcoin-holding company.

Other exchanges like Bullish and Coinbase hold larger amounts. Bullish holds 24,000 BTC, making it the fifth-largest public bitcoin treasury, while Coinbase holds 11,776 BTC, ranking 10th.

The presence of Bitcoin holdings on company balance sheets continues to attract attention from investors looking at exposure to digital assets through public equities. This trend has become more visible as more crypto firms go public.

Upcoming Crypto IPOs in Focus

Following Gemini’s debut, investor attention is now shifting to other crypto firms planning to go public. Grayscale and BitGo have both announced their intention to list on U.S. exchanges, though no confirmed dates or details have been made public.

Both companies have submitted draft registration statements with the U.S. Securities and Exchange Commission. These filings mark early steps toward their IPOs, but further updates are still pending. As more firms prepare to list, analysts expect continued interest in crypto-related equities, especially as market activity in digital assets remains high.