Gemini IPO Surges 45% in Nasdaq Debut, Raises $425M
Shares of Gemini (GEMI) jumped on Friday as the crypto exchange made its public debut on the Nasdaq Global Select Market. The stock opened at $41, a 45% gain from its IPO price of $28.
The offering, led by founders Tyler and Cameron Winklevoss, brought in $425 million through the sale of 15.2 million shares, giving Gemini a market capitalization of about $3.3 billion.
Financial filings reveal Gemini remains unprofitable. The firm posted a $283 million net loss in the first six months of 2025, following a $159 million loss for 2024. Even so, demand for the offering exceeded expectations, with pricing set above initial guidance.
Confidence was further boosted by a $50 million strategic investment from Nasdaq earlier this week. The partnership will expand institutional access to Gemini’s custody services and position the exchange as a distributor for Nasdaq’s Calypso trade management platform.
Gemini’s market debut follows a string of crypto-native IPOs in 2025, including Circle (CRCL), Bullish (BLSH), eToro (ETOR), and Figure Technologies (FIGR), highlighting renewed appetite for digital asset firms as U.S. regulators adopt a more supportive stance.
