Shares of Gemini Space Station Inc., the cryptocurrency exchange established by the Winklevoss twins, made a notable entrance into the public market with its initial public offering (IPO), trading at $34 a share, marking a 22% increase over its offering price. This performance not only reflects strong investor interest in cryptocurrencies but also added approximately $400 million in value to the founders.
The stock, symbolized as GEMI, began trading at $37.01 a share shortly after 1:40 p.m. Eastern Time, representing a significant opening surge of 32.2% above the IPO price of $28, which was already elevated by $2 from the previously estimated range of $24 to $26. As the trading day progressed, shares fluctuated above $40 before stabilizing around $34.
Tyler and Cameron Winklevoss, who previously gained fame for their legal battles with Meta Platforms Inc.’s CEO Mark Zuckerberg, saw their stake rise from $2.1 billion at the IPO price to nearly $2.6 billion at the closing price, reflecting a single-day increase of roughly $500 million.
The Gemini IPO included 15.18 million shares—slightly fewer than the anticipated 16.67 million—raising around $425 million for the company. The underwriting was led by Goldman Sachs and Citigroup.
Investor enthusiasm for the Gemini IPO is emblematic of a broader resurgence in the market for new offerings. The Renaissance IPO exchange-traded fund, which tracks IPO performance, surged 20% in 2025, far surpassing the S&P 500’s 12.1% increase. This week’s public offerings are part of a particularly active period in the IPO market, with four sizeable companies debuting on Friday alone, including Legence, Black Rock Coffee Bar Inc., and Via Transportation Inc.
According to Renaissance analyst Matthew Kennedy, this marks the most significant week for IPOs over $250 million since 2021, indicating robust demand for new public companies. This influx of IPOs was somewhat delayed due to the Labor Day holiday, allowing for a simultaneous launch of all four offerings.
Gemini, which the Winklevoss twins founded in 2014, has sought to democratize access to cryptocurrencies, positioning itself as a bridge between traditional finance and the crypto world. The company recently expanded its services with the introduction of a cryptocurrency rewards credit card. Despite generating substantial interest, Gemini faced considerable financial challenges, reporting significant losses in recent periods—$113.46 million in operating losses on revenues of $68.6 million for the first half of 2024.
The potential for future profits remains uncertain, particularly as the company navigates the complexities of maintaining investor confidence while managing its heightened expenses. A notable development is a $50 million private placement in Gemini’s stock by Nasdaq Inc., which could bolster investor faith in the company’s long-term trajectory.
Meanwhile, the IPO of Legence experienced a gain in its debut, opening at $27 a share and climbing to approximately $29.58, reflecting a gain of about 5.5%. Meanwhile, Black Rock Coffee Bar’s shares rose impressively by 26% from their IPO price after opening strong.
As the trading day concluded, experts noted that while Gemini’s IPO has attracted significant attention, potential investors should carefully consider the company’s financial fundamentals, particularly its ongoing losses versus the projected growth in the crypto sector. The Winklevoss twins’ connection, bolstered by their public recognition from both strategic investments and previous litigation, adds an intriguing layer to the Gemini narrative as it continues its public journey.
