The cryptocurrency exchange Gemini Space Station made a significant impact during its debut on the Nasdaq on Friday, raising $425 million in an initial public offering (IPO). The company, established by Tyler and Cameron Winklevoss, priced its IPO at $28 per share, which positioned its valuation at approximately $3.3 billion prior to trading. This initial price was notably higher than the revised range of $24 to $26 released earlier in the week and well above the original expectations of $17 to $19. The offering comprised 15.2 million shares.
Upon opening, the stock was met with enthusiasm, starting at $37.01, reflecting a 32% increase from its offering price. Intraday trading saw shares peak at $45.89 before closing at $32, representing a 14% increase from the initial offer price.
Gemini, which operates out of New York, provides a comprehensive suite of cryptocurrency services. These include a spot exchange, institutional custody solutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and various staking products. As of late July, the firm reported holding more than $21 billion in assets on its platform. Despite this strong asset base, filings indicated that the company recorded a loss of $159 million in 2024 and an additional $283 million in the first half of 2025.
The Winklevoss twins, recognized as the first bitcoin billionaires following early investments in the cryptocurrency market, discussed their company’s prospects on CNBC’s “Squawk Box” on the morning of the IPO. Tyler Winklevoss characterized bitcoin as “gold 2.0,” emphasizing the cryptocurrency’s potential for growth. He and his brother stated that they believe Bitcoin could reach a value of $1 million in the next decade, suggesting that the adoption of cryptocurrencies is still in its nascent stages.
Gemini’s IPO marks a notable moment in the cryptocurrency sector, following earlier listings such as Coinbase in April 2021 and Bullish, which owns CoinDesk, just last month.
