Shares of cryptocurrency exchange Gemini opened 45% above their initial public offering (IPO) price on the Nasdaq (NDAQ) Composite exchange.
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Gemini’s stock started trading at $37.01 per share and quickly rose as high as $40.71, which is 45% above the IPO price of $28. The New York-based company said that it raised $425 million from the highly-anticipated IPO. Gemini’s valuation now sits at $3.3 billion. It is the third publicly traded cryptocurrency exchange in the U.S. along with Bullish (BLSH) and Coinbase (COIN).
The crypto exchange, which is run by twin brothers Cameron and Tyler Winklevoss, had initially set the IPO price at $17 to $19, but raised it due to strong demand, especially among individual retail investors. The Winklevoss brothers were among the earliest Bitcoin (BTC) investors and first crypto billionaires. They recently forecast that Bitcoin’s price will reach $1 million within a decade.
Not Profitable
Gemini was founded by the Winklevoss brothers in 2014 and currently holds about $21 billion of assets on its exchange. However, according to its IPO prospectus, the company is not yet profitable, having posted a net loss of $159 million in 2024. That loss swelled to $283 million in this year’s first half.
Still, Gemini is riding a wave of recent IPOs and is seeking to capitalize on the current investor euphoria surrounding stocks and cryptocurrencies. The company also offers a U.S. dollar-backed stablecoin, credit cards with a crypto-back rewards, and a custody service for institutional investors.
BTC Performance
Few analysts on Wall Street offer forecasts related to Bitcoin. So we’ll look at the digital asset’s three-month price performance instead. As one can see in the chart below, the price of BTC has risen 9% in the last 12 weeks.
