Winklevoss-Led Gemini Crypto Exchange Jumps 14% in IPO Debut

Gemini Shares Jump 14% on Nasdaq Debut as Winklevoss Twins Forecast $1M Bitcoin

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, saw its stock rise sharply in its Nasdaq debut Friday, reflecting strong investor demand and the founders’ bullish outlook for bitcoin.

The company priced its IPO Thursday at $28 per share, valuing Gemini at approximately $3.3 billion. The price surpassed the revised $24–$26 range and the initial $17–$19 target. The offering included 15.2 million shares, raising $425 million.

Shares opened at $37.01, a 32% premium to the IPO price, spiked to $45.89 intraday, and closed at $32, 14% above the IPO level.

Headquartered in New York, Gemini offers a suite of crypto services, including a spot exchange, institutional custody, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products. The platform held more than $21 billion in assets as of July, despite reporting losses of $159 million in 2024 and $283 million in H1 2025.

On CNBC’s “Squawk Box,” Tyler Winklevoss called bitcoin “gold 2.0” and said adoption is still in the “first inning.” Both brothers projected that bitcoin could reach $1 million within the next decade.

Gemini’s IPO follows other major crypto listings, including Coinbase (COIN) in 2021 and Bullish (BLSH) last month.

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