Gemini is set to debut on the Nasdaq (NDAQ) on Thursday in one of the most anticipated crypto listings since Coinbase. The exchange, founded by the Winklevoss twins, has priced its initial public offering at the top of its revised range. This puts the company at a valuation just above $3 billion, a bold figure for a platform that is still running losses.
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The debut will test whether Wall Street believes in Gemini’s pitch of being the “regulated” crypto exchange of choice. It will also test whether retail and institutional investors are willing to overlook red ink for the promise of growth in a market that remains volatile.
Retail Access Creates Early Fireworks
Gemini has opened the door wider than most. Around 30% of the shares on offer have been allocated to retail investors through platforms like Robinhood (HOOD) and SoFi (SOFI). This is triple the usual amount for a tech IPO and it ensures heavy participation from everyday traders. If enthusiasm carries over from crypto’s online communities, the stock could see an explosive opening day.
The catch is that these retail shares are locked up for 30 days. If excitement fades during that window, pent-up selling pressure could weigh heavily on the stock once restrictions lift. For now, though, the buzz is undeniable, and Nasdaq itself has committed $50 million in a show of support.
Gemini’s Financial Losses Cloud the Picture
Behind the hype lies a tougher reality. Gemini booked a net loss of more than $280 million in the first half of 2025 despite higher trading volumes and $18 billion in assets under custody. Revenue is slipping, and costs remain elevated. This means the company is asking public investors to bet on future profitability rather than current performance.
Crypto markets have been rallying this year, which gives Gemini momentum. But once listed, the company will face quarterly scrutiny from Wall Street. Sustaining growth while narrowing losses will be key to proving that the $3 billion price tag is justified.
It’s a Crypto Market Test
Gemini’s debut will not only determine the fate of its own stock. It will also be a barometer for broader sentiment toward crypto companies on U.S. exchanges. Coinbase’s stock has been battered by swings in trading activity, and new entrants like Bullish have struggled to hold attention. Gemini will need to show it can carve out its own path by leaning on regulation, brand trust, and a loyal retail base.
If shares open strong, Gemini’s IPO could mark a turning point in how investors view crypto infrastructure stocks. If the debut falters, it may reinforce the idea that the market is not ready to reward exchanges with lofty valuations.
Gemini’s IPO has all the ingredients of a market spectacle. There is retail demand, institutional backing, and the prestige of a Nasdaq debut. There are also steep losses and intense competition that could cut the story short. Tomorrow’s open will reveal whether Gemini is the shot heard around crypto or another bubble waiting to deflate.
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.
