Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is set to begin trading on Nasdaq later today under the ticker GEMI. The IPO was priced at $28 per share, giving the company a $3.3 billion valuation and raising $425 million. That’s slightly lower than the number of shares Gemini originally planned to sell, but it still shows solid investor demand ahead of the debut.
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The IPO price came in above the earlier range of $24 to $26, which itself had already been raised nearly 40% from an even lower band. This type of upward revision is rare in today’s market and shows us how much excitement has built around this listing.
Gemini Rides the Momentum in Crypto Listings
Gemini’s market debut will follow a string of successful crypto listings this summer. Circle, the stablecoin issuer, soared on its first day of trading back in June. More recently, Bullish and Figure Technology Solutions both delivered strong pops. With Bitcoin and other digital assets rallying and Washington regulators showing a friendlier stance under SEC Chair Paul Atkins, crypto firms are finally finding a receptive audience on Wall Street.
“The recent string of crypto-sector IPOs reflects a notable shift in regulatory posture in the U.S.,” said Liat Shetret, vice president of global policy at Elliptic. “After years of hesitation, we’re seeing an SEC that is opening the door to established digital asset firms entering public markets.”
Gemini Faces Tough Fundamentals
Behind the excitement, Gemini’s financials remain a mixed bag. Revenue jumped 45% last year to $142.2 million. Monthly transacting users rose nearly 6% to 523,000. Trading volume climbed almost 50% to $24.8 billion, while assets on the platform grew more than 30% to $18.2 billion. Those are impressive growth metrics for a mid-sized exchange.
But the company is still losing money. Gemini recorded a $158.5 million net loss last year, and the first half of this year saw revenue slip 8% while losses ballooned to $282.5 million. This dual picture of booming activity but deeper losses means today’s IPO is less about current performance and more about whether the Winklevoss twins can convert growth into lasting profits.
Nasdaq Backs Gemini’s Ambition
Gemini will not step onto Nasdaq alone. The exchange operator itself is investing $50 million in Gemini, a strong endorsement from one of the most established names in global finance. Nasdaq has been steadily expanding its footprint in digital assets, and this move shows it wants to be closer to the action as crypto matures.
That backing could help Gemini earn more credibility with institutions and strengthen its hand against Coinbase (COIN), Robinhood (HOOD), Galaxy Digital (GLXY), Kraken, and other competitors battling for market share. But it won’t change the fact that the company still has to execute in a crowded field.
Gemini Confronts Its First Test
When Gemini stock starts trading later today, investors will be watching whether it pops like Circle or Figure did—or if it struggles to sustain early demand. For the Winklevoss twins, this IPO is both a validation of their years in crypto and a test of whether they can deliver where others have stumbled.
If Gemini can prove itself in the months ahead, it might stand out as one of the few lasting winners from the 2025 listing boom. If not, today’s fanfare could quickly fade into another cautionary tale for crypto investors.
As crypto exchanges like Gemini explore IPO opportunities, staying on top of market shifts and emerging opportunities is key for investors. Tools like TipRanks’ Compare Crypto Stocks help investors track key developments and assess how public listings and regulatory updates impact the market. Click on the image below to stay informed.
