Shares of Gemini (GEMI) opened at $41 on the Nasdaq Global Select Market on Friday, jumping 45% from the IPO price of $28 set the previous night. The crypto exchange, led by Tyler and Cameron Winklevoss, sold 15.2 million shares, raising $425 million and valuing the company at approximately $3.3 billion.
Despite reporting a net loss of $283 million in the first half of the year — following a $159 million loss in 2024 — Gemini priced its IPO above initial expectations. Earlier this week, Nasdaq made a $50 million strategic investment in Gemini, aiming to expand institutional access to its crypto custody services and positioning Gemini as a distribution partner for Nasdaq’s Calypso trade management software.
Gemini’s IPO follows other crypto-native firms going public in 2025, including stablecoin issuer Circle (CRCL), Bullish (BLSH), eToro (ETOR), and Figure Technologies (FIGR), amid a favorable U.S. regulatory climate. Bullish Global is the parent company of CoinDesk.
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Gemini’s strong debut reflects investor appetite for regulated crypto platforms, even in the face of ongoing losses. Strategic partnerships, like the one with Nasdaq, could strengthen its institutional positioning and long-term growth prospects.