Gemini Surges 45% in Nasdaq Debut After $3.3B IPO

Gemini (NASDAQ: GEMI), the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, made a strong public debut on the Nasdaq Global Select Market Friday. Shares opened at $41, soaring 45% above the IPO price of $28. The offering valued Gemini at approximately $3.3 billion and raised $425 million through the sale of 15.2 million shares.

Despite its successful launch, Gemini faces ongoing financial challenges. The company reported a net loss of $283 million in the first half of 2025, following a $159 million loss in 2024. Still, strong investor demand pushed the IPO pricing above initial expectations, signaling confidence in Gemini’s growth potential.

Adding momentum to the listing, Nasdaq invested $50 million in Gemini earlier this week. The deal will integrate Gemini’s crypto custody services into Nasdaq’s institutional offerings and position Gemini as a distribution partner for Nasdaq’s trade management platform, Calypso. This strategic partnership strengthens Gemini’s foothold among institutional clients and expands its role in the digital asset ecosystem.

Gemini’s IPO comes amid a wave of crypto companies going public in 2025, reflecting growing optimism around digital assets and favorable U.S. regulatory developments. Stablecoin issuer Circle (CRCL), trading platform eToro (ETOR), Bullish (BLSH), and Figure Technologies (FIGR) have also entered the public markets this year. The successful listings highlight investor appetite for exposure to blockchain-driven financial services.

While Gemini’s steep losses raise questions about profitability, its market debut underscores confidence in the long-term adoption of cryptocurrencies. Backed by high-profile leadership, strong institutional partnerships, and rising investor demand, Gemini’s IPO marks another milestone in the mainstream integration of digital assets.