Gemini, the cryptocurrency exchange founded by twins Tyler and Cameron Winklevoss, made a strong debut on the Nasdaq Friday, with shares closing up 14.3% on its first day of trading. The company raised $425 million in its initial public offering (IPO), pricing shares at $28 each, well above its expected range of $24 to $26. The stock opened at $37.01—32% higher than its IPO price—and reached a high of $45.89 before settling at $32.
Founded in 2014, Gemini has grown to become a major player in the digital asset space, with over $21 billion in assets under custody as of July 2025. The company offers more than just crypto trading—it provides institutional custody services, a U.S. dollar-backed stablecoin, and a crypto rewards credit card. Despite its growth, Gemini posted a net loss of $159 million in 2024 and reported a deeper loss of $283 million in the first half of 2025, according to its SEC filings.
The IPO values Gemini at approximately $3.3 billion, reflecting investor optimism about the long-term future of digital assets, even amid ongoing regulatory uncertainty. The Winklevoss brothers, early Bitcoin adopters and vocal advocates for crypto regulation, were present at the Nasdaq MarketSite in New York to celebrate the milestone.
In an appearance on CNBC’s Squawk Box, the brothers reiterated their belief in Bitcoin as a long-term store of value, claiming it could reach $1 million within the next decade. They also emphasized their vision of a regulated and transparent crypto industry—an idea they’ve championed since applying for the first Bitcoin ETF in 2013, years before such products received regulatory approval.
Gemini’s listing comes at a time of renewed enthusiasm in the crypto sector, fueled by rising digital asset prices and increased institutional interest. Its successful IPO could pave the way for other crypto-native companies to pursue public offerings, potentially reshaping the financial landscape.
As the crypto market evolves, Gemini’s public debut marks a significant step forward—not only for the company but also for the broader legitimization of digital assets in traditional finance.
