Gemini Debut Pops 45% as Exchange Raises $425M in IPO
Gemini (GEMI) surged in its market debut Friday, opening at $41 a share on the Nasdaq Global Select Market — a 45% jump from its IPO price of $28.
The Winklevoss-led exchange raised $425 million by selling 15.2 million shares, valuing the firm at roughly $3.3 billion.
Despite the strong debut, Gemini continues to post losses. The company disclosed a $283 million net loss in the first half of 2025, following a $159 million deficit in 2024.
Backing from Nasdaq bolstered investor confidence. Earlier this week, the exchange operator committed a $50 million strategic investment to expand Gemini’s crypto custody offering for institutional clients and integrate its Calypso trade management software with Gemini’s platform.
The listing adds to a wave of crypto-native firms tapping equity markets this year, including Circle (CRCL), Bullish (BLSH), eToro (ETOR), and Figure Technologies (FIGR). Together, the IPOs signal growing demand for digital asset exposure amid increasingly supportive U.S. regulation.
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