IPO Details
The IPO was priced at $28.00 per share, which was above the previously increased expected range of $24.00 to $26.00. The company sold approximately 15.2 million shares, raising $425 million. This deal gave Gemini an initial market capitalization of about $3.3 billion. Strong demand for the shares was reported, with the offering being oversubscribed more than 20 times. Nasdaq also made a strategic investment, purchasing $50 million of Gemini's stock in a private placement.
First Day of Trading
On its debut, the stock opened at $37.01, representing a 32.2% gain over the IPO price. The stock's price fluctuated throughout the day, reaching highs around $46 before closing at $32.00, a 14% increase from its IPO price. This performance resulted in a market valuation of about $3.8 billion at the close of the first day.
Company Operations and Financials
Gemini, founded in 2014, operates a crypto trading platform and provides custody services. The company's revenue is primarily generated from transaction fees. For the first six months of 2025, Gemini reported a net loss of $282.5 million on revenue of $68.6 million. As of June 30, 2025, the company had approximately $18 billion in assets on its platform and had processed over $285 billion in lifetime trading volume. After the IPO, the Winklevoss twins are expected to retain a controlling interest with 94.5% of the company's voting power.