Gemini Shares Soar 14% on Nasdaq Debut, Valuing Crypto Exchange at $3.8bn

Trading under the ticker GEMI, the company – full name Gemini Space Station – had priced its initial public offering at $28 per share after touting the deal a few dollars lower, raising $425mn by selling around 15.2mn shares.  

The stock had increased in value by almost a third as the opening bell rang at before closing at $32 following a volatile day of trading. That gave Gemini a market capitalization of about $3.8bn.

Investor appetite 

The high‑profile debut marks a significant turnaround for the exchange cofounded by the twins who rose to prominence for their early involvement in Facebook. 

According to its registration with the Securities and Exchange Commission (SEC), Gemini posted a net loss of $159 mn in 2024, and a loss of $283 mn in the first half of 2025. 

The listing places Gemini alongside Coinbase and Bullish among a growing number of publicly traded US crypto exchanges.

Oversubscription

Ahead of pricing, Gemini’s IPO attracted orders more than twenty times the number of shares on offer, Reuters reported. Such demand prompted the company to raise its price range and, in a rare move, to cap proceeds at US$425 mn. 

Founders Tyler and Cameron Winklevoss hold about 75 mn shares worth roughly $2.78 bn.

Nasdaq also invested $50 mn in a private placement tied to the IPO. While the scorching debut leap signals enthusiasm for crypto equities, Gemini’s task of converting capital from the IPO into a profitable concern will be fascinating next chapter to observe.