Gemini's crypto exchange soared nearly 32% in its IPO debut, valuing the company at around $4.4 billion after trading started. Gemini began trading under the ticker GEMI on Nasdaq after pricing the IPO at $28 per share and bringing in $425 million.
Gemini crypto exchange is founded by twins Cameron (left) and Tyler Winklevoss.
Gemini's listing follows other notable digital asset listings, including Bullish and Figure, and contributes to a broader resurgence of U.S. tech and crypto offerings after Labor Day. Gemini's debut also marks the third major U.S. cryptocurrency exchange to be publicly traded.
The strong reception reflects easing regulatory pressure and renewed investor enthusiasm for crypto platforms, including among retail investors.
Gemini's IPO was oversubscribed approximately 20 times, leading to an upward adjustment of the price range from previously 17—19 dollars to 24—26 dollars and finally 28 dollars per share. The company sold approximately 15.2 million shares and brought in significant capital at a valuation close to $3.3 billion. Nasdaq participated with a $50 million private investment, signaling confidence in both the exchange and its broader ambitions.
Nasdaq backed the deal with a $50 million strategic investment related to the integration of depository and staking services. The retail share was increased from 10% to 30%, making the shares available on platforms such as Robinhood, SoFi and Webull.
Gemini reported a net loss of $282.5 million in the first half of 2025, despite revenues of roughly $68.6 million. The exchange, which manages over $21 billion in assets and offers services such as depository, staking, issuing stablecoins and a crypto-rewards card, lags behind larger players such as Coinbase but aims to expand in tokenization and institutional services.
The Winklevoss twins, who still own a significant stake in Gemini, increased their paper fortune by roughly $300 million upon their debut. With the proceeds set aside for expansion and strengthening of its balance sheet, Gemini is advancing among publicly traded crypto companies, while investors are watching closely to see if the company can outperform competitors in user growth and diversified services.
