Gemini Soars 45% in Nasdaq Debut, Raises $425 Million
Gemini (GEMI) surged in its first day of trading Friday, opening at $41 per share on the Nasdaq Global Select Market — a 45% premium to its $28 IPO price.
The crypto exchange, founded by Tyler and Cameron Winklevoss, raised $425 million through the sale of 15.2 million shares, securing a market capitalization of about $3.3 billion.
Financial filings show Gemini remains in the red, reporting a $283 million net loss for the first half of 2025 after losing $159 million across 2024. Despite these results, strong demand lifted the IPO above initial price expectations.
The company also attracted a $50 million strategic investment from Nasdaq earlier this week. Under the partnership, Gemini will help expand access to its crypto custody platform for institutional clients and serve as a distribution partner for Nasdaq’s Calypso trade management software.
Gemini’s public listing extends a busy year for crypto companies entering equity markets. Circle (CRCL), Bullish (BLSH), eToro (ETOR), and Figure Technologies (FIGR) all floated shares earlier in 2025, underscoring renewed investor appetite for digital asset firms amid supportive U.S. regulatory tailwinds.
