Shares of Gemini Space Station surged by 32.2% in their Nasdaq debut on Friday, valuing the cryptocurrency exchange at $4.4 billion. This successful entry caps a strong week for digital asset companies in a resurgent U.S. IPO market.
The company’s shares opened at $37.01, surpassing its already increased IPO price of $28 per share. Through the sale of approximately 15.2 million shares, Gemini raised $425 million. The initial price range for the IPO had been set between $24 and $26.
Gemini’s powerful debut underscores how crypto firms have been central to the recent rebound in the IPO market. This resurgence is fueled by favorable regulatory policies and a rapid increase in institutional adoption, which has renewed investor optimism for digital assets.
Earlier in the week, blockchain lender Figure had a major market debut on Thursday, following closely behind cryptocurrency exchange Bullish, whose shares more than doubled in their first trade last month.
The U.S. IPO market is experiencing its busiest week since July 2021, benefiting from reduced tariff concerns and a robust stock market. Swedish fintech firm Klarna also went public on Wednesday in a highly anticipated debut that could pave the way for other fintech hopefuls.
According to Jacob Zuller, an analyst at Third Bridge, “Gemini has chosen the perfect time to capitalize on the favorable environment, following the recent success of the Bullish IPO and regulatory shifts from a pro-crypto administration. For Gemini, the IPO is both a bid to raise capital for expansion and an effort to clean up its balance sheet.”
From Grit to Gemini
Following an IPO that was oversubscribed 20 times, this debut marks a remarkable turnaround for Gemini and its founders, the billionaire twins Cameron and Tyler Winklevoss.
Based on Reuters’ calculations from SEC filings, Tyler and Cameron Winklevoss now own roughly 75 million shares after the IPO, valued at about $2.78 billion.
Once caught up in regulatory investigations with the SEC and CFTC, the company has benefited from the eased oversight of the crypto sector under the administration of President Donald Trump, who, along with his family, has been an active participant in this emerging area of finance.
Gemini reported a net loss of $282.5 million in the first half of 2025, a significant increase from the $41.4 million loss during the same period the previous year.
Experts at Third Bridge believe that trading volumes are expected to rise, driven by institutional adoption, which accounts for the majority of the company’s client base.
Dan Chen, Gemini’s chief financial officer, told Reuters in an interview, “We’re really excited to move into this next phase, to improve transparency even further for the marketplace and our partners, and to build upon the principles we’ve had for the past decade.”
Highlighting the growing institutional interest, Nasdaq earlier in the week announced a $50 million strategic investment in Gemini, which likely boosted investor confidence.
Gemini, based in New York City, now joins Coinbase and Bullish as a publicly listed cryptocurrency exchange in the country. Robinhood also operates a digital asset exchange platform among its other financial services.
