Gemini Crypto Exchange Raises $425 Million in Nasdaq Debut
Gemini, the cryptocurrency exchange started by Tyler and Cameron Winklevoss, had a strong start on the Nasdaq with the ticker GEMI. The company raised $425 million by selling about 15 million shares at $28 each, valuing Gemini at around $3.3 billion before trading.
On its first day, Gemini’s stock opened at $37, a 32% increase from the IPO price. It went as high as $45.89 during the day and closed at $32, up 14% from the IPO. This shows strong interest from investors in cryptocurrency companies and digital assets.
Even though the debut was good, Gemini has faced losses, reporting $283 million in the first half of 2025 and $159 million in 2024. The company is still growing its services, including a U.S. dollar-backed stablecoin, a crypto rewards credit card, and institutional custody solutions. By mid-2025, Gemini held more than $21 billion in assets on its platform.
The IPO being oversubscribed shows that investors are confident in the crypto sector. Gemini’s success adds to other major crypto company listings, like Coinbase and Bullish, highlighting growing adoption of digital assets.
Impact:
Gemini’s strong Nasdaq debut could increase confidence in cryptocurrency markets. Its growing services may help the company expand further, even though it still faces financial challenges.
