Gemini Shares Rise 14% on Nasdaq Debut as Winklevoss Twins Forecast $1M Bitcoin
Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, saw its stock surge in its Nasdaq debut Friday, reflecting strong investor demand and the founders’ bullish outlook on bitcoin.
The company priced its IPO Thursday at $28 per share, valuing Gemini at approximately $3.3 billion. The final price exceeded both the revised $24–$26 range and the initial $17–$19 target. The IPO 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 settled at $32, 14% above the offering price.
Headquartered in New York, Gemini provides 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. As of July, the platform held more than $21 billion in assets, despite reporting losses of $159 million in 2024 and $283 million in the first half of 2025.
On CNBC’s “Squawk Box,” Tyler Winklevoss called bitcoin “gold 2.0” and said adoption remains in the “first inning.” Both brothers projected bitcoin could reach $1 million within the next decade.
Gemini follows other major crypto IPOs, including Coinbase (COIN) in 2021 and Bullish (BLSH) last month.
