- Shares of Gemini (GEMI) began trading on the Nasdaq Global Select Market at $41, a 45% increase from its IPO price.
- The company set its IPO price at $28 per share, giving Gemini a valuation of about $3.3 billion and raising approximately $425 million from 15.2 million shares sold.
- Gemini reported a net loss of $283 million for the first half of the year, after posting a $159 million loss for all of 2024.
- Despite ongoing losses, Gemini secured a $50 million strategic investment from Nasdaq shortly before going public, aimed at expanding crypto services for institutional clients.
- Recent IPOs of other crypto firms, such as Circle, Bullish, EToro, and Figure Technologies, signal strong investor interest amid supportive U.S. regulatory trends.
Shares of Gemini (GEMI) started trading at $41 per share on the Nasdaq Global Select Market on Friday, marking a 45% jump above its initial public offering (IPO) price. The crypto exchange, led by Tyler and Cameron Winklevoss, launched its IPO at $28 per share, resulting in a company valuation of about $3.3 billion.
Gemini raised roughly $425 million by selling 15.2 million shares. According to company financials, Gemini experienced a net loss of $283 million in the first half of the year. This follows a total loss of $159 million reported for 2024.
Earlier in the week, Gemini received a $50 million strategic investment from Nasdaq. The stock exchange operator announced the deal to help broaden institutional access to Gemini‘s crypto custody offerings. It also stated that Gemini will serve as a distribution partner for Nasdaq’s trade management software, Calypso.
The listing of Gemini comes as several other crypto firms—including Circle, Bullish, eToro, and Figure Technologies—have gone public this year. This trend occurs amid what appears to be more favorable regulatory conditions for crypto businesses in the United States.
Though financial losses remain, investor interest in newly public crypto companies like Gemini continues to grow alongside strategic partnerships with established market players. Bullish Global is CoinDesk’s parent company.
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