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Gemini Joins Nasdaq: What the Crypto IPO Means for Investors
Gemini Space Station, the crypto exchange founded by Cameron and Tyler Winklevoss, officially entered the public markets with a strong Nasdaq debut. Trading under the ticker symbol GEMI, the stock opened well above its IPO price, signaling strong investor interest and market excitement for regulated crypto businesses.
GEMI Opens Strong, Hits High Volatility
Gemini shares began trading on Nasdaq at $37.01, far above its IPO price of $28. Shortly after opening, the stock experienced such high volatility that trading was temporarily halted by Nasdaq’s circuit breakers. GEMI reached an intraday high of $45.89 before closing the day at $32, still 14% above its offering price.
This dramatic first-day performance placed Gemini among a growing list of publicly traded crypto companies, joining Coinbase (COIN) and Bullish (BLSH), which went public just a month earlier.
Gemini’s IPO Raises $425 Million
Gemini’s initial public offering raised $425 million, although the company sold 15.2 million shares, fewer than the 16.67 million initially planned. The IPO price was set at $28 per share, exceeding the previously raised range of $24 to $26. Notably, the company had originally filed for a much lower range of $17 to $19 per share — a sign that strong demand drove pricing higher throughout the process.
The reduced number of shares sold and the raised offering price suggest significant investor appetite, with the stock quickly becoming oversubscribed.
Nasdaq Joins as Strategic Investor
In a strategic move, Nasdaq itself became an investor in Gemini, purchasing $50 million worth of shares in a private placement. The deal closed immediately after the IPO. This partnership extends beyond equity investment: Gemini will now offer Nasdaq clients crypto custody and staking services. Additionally, Gemini will become a reseller of Nasdaq’s Calypso Solution, providing institutional clients with access to advanced collateral management tools.
The collaboration adds legitimacy and infrastructure depth to Gemini’s institutional services offering, potentially opening doors to larger asset managers and enterprise clients.
Company Overview: From Facebook to Crypto
Gemini was launched in 2014 by the Winklevoss twins, who are known for their early legal battle with Facebook. Since then, the company has grown into one of the most recognized crypto exchanges in the world.
Today, Gemini operates in over 60 countries, has handled more than $285 billion in trading volume since inception, and currently manages over $21 billion in assets on its platform. The exchange claims to have 1.5 million active users, based on its most recent SEC filing.
Financials Reveal Growing Losses
While Gemini’s public debut made headlines for its strong market demand, its financials show a less optimistic short-term outlook. For the first half of 2025, the company reported a net loss of $282.5 million, significantly wider than the $41.4 million loss during the same period in 2024.
Revenue also fell to $68.61 million, compared to $74.32 million during the first half of the previous year. Still, trading volume increased substantially, jumping to $24.8 billion from $16.6 billion year-over-year — indicating a growing user base and engagement despite narrowing margins.
A New Chapter for Public Crypto Exchanges
Gemini’s IPO highlights a broader trend of crypto firms turning to public markets for capital and credibility. As regulatory frameworks become clearer in the U.S. and abroad, public offerings are increasingly seen as a path to long-term growth and institutional adoption.
The fact that Nasdaq — a major player in traditional finance — is now directly investing in and partnering with a crypto-native firm speaks volumes about how far the industry has come in terms of legitimacy and mainstream acceptance.
