Gemini Stock Soars 45% in Nasdaq Debut at $41

Lead Gemini Space Station’s shares jumped 45% to open at $41 on the Nasdaq under ticker GEMI on September 12, following its $28 IPO price and $425 million raise for the Winklevoss twins’ crypto exchange.

Nut Graf The high open underscores strong investor appetite for crypto platforms, buoyed by a $50 million strategic investment from Nasdaq and oversubscription of the offering, positioning Gemini as a market standout despite industry headwinds.

Trading Debut Highlights

• IPO Details: Priced at $28 per share for 15.2 million Class A shares, valuing Gemini at roughly $3.3 billion.
• Strategic Backing: Nasdaq invested $50 million in a private placement, aiming to expand Gemini’s institutional custody services.
• Oversubscription: Demand exceeded available shares by over 20 times, signaling robust market confidence.

Background and Market Context Gemini, founded by Cameron and Tyler Winklevoss in 2014, operates one of the most recognized U.S. cryptocurrency exchanges. The firm offers trading, a crypto rewards credit card, and stablecoin services, with $21 billion in platform assets as of July. Although its volumes trail Coinbase, Gemini sees growth potential in tokenization and payment solutions.

Despite cumulative net losses of $442 million in 2024 and H1 2025, the strong IPO pricing reflects renewed investor enthusiasm for crypto equities amid a broader tech IPO resurgence this fall. Gemini follows recent listings by Circle (CRCL) and Bullish (BLSH), marking a pivotal moment for digital-asset firms seeking public capital.

Outlook Analysts will watch post-debut performance to assess whether Gemini can convert initial hype into sustainable growth and profitability, leveraging its Nasdaq partnership to drive high-margin custody and staking offerings.