The Gemini exchange, founded by the Winklevoss twins, successfully debuted on Nasdaq, raising $425 million during its Initial Public Offering (IPO). This event underscores the growing recognition of crypto businesses on Wall Street.
Gemini IPO Performance and Market Reaction
Gemini priced its IPO at $28 per share, above the expected range of $24–$26, valuing the company at $3.3 billion before trading began. Shares opened at $37.01 — a 32% premium over the IPO price — and reached highs of $45.89 before closing the day at $32, still up 14.3%.
The strong debut reflects investor appetite for crypto-related companies, particularly those with brand recognition and long-standing market presence.
Gemini’s Business Model and Financials
Founded in 2014, Gemini has become one of the most recognized U.S. exchanges, holding more than $21 billion in assets as of July 2025. Beyond trading services, Gemini offers a dollar-backed stablecoin, crypto reward credit cards, and institutional custody solutions.
However, the company faces profitability challenges. According to its SEC filings, Gemini posted a $159 million net loss in 2024 and a $283 million loss in the first half of 2025. Its ability to reduce losses while scaling its ecosystem will be closely monitored by investors.
The Winklevoss Bitcoin Vision
Cameron and Tyler Winklevoss were among the earliest Bitcoin investors, famously becoming the world’s first Bitcoin billionaires. They remain outspoken advocates, predicting Bitcoin could reach $1 million within the next decade.
Their long-term view is shaped by Bitcoin’s store-of-value narrative, which they argue surpasses gold. On CNBC’s “Squawk Box” during the IPO debut, they reaffirmed their conviction that Bitcoin is the backbone of the future financial system.
The Gemini IPO marks a significant event not only for the company itself but for the entire crypto industry, highlighting the growing attention to regulation and investment in cryptocurrency assets.
