Gemini Jumps 45% Out of the Gate After Public Listing

Gemini Rallies 45% on First Day of Trading, IPO Nets $425M

Shares of Gemini (GEMI) jumped on their first day of trading Friday, opening at $41 on the Nasdaq Global Select Market — 45% above the crypto exchange’s $28 IPO price.

The offering raised $425 million through the sale of 15.2 million shares, giving the Winklevoss-founded firm a valuation near $3.3 billion.

Gemini’s financials highlight ongoing challenges. The company reported a $283 million loss in the first half of 2025, deepening from the $159 million deficit recorded in 2024. Despite these setbacks, investor demand was strong enough to lift pricing above early estimates.

Momentum was supported by a $50 million strategic investment from Nasdaq announced earlier this week. The partnership aims to broaden institutional access to Gemini’s custody services and integrate the exchange with Nasdaq’s Calypso trade management platform.

Gemini’s debut follows a string of crypto firms entering public markets in 2025, including Circle (CRCL), Bullish (BLSH), eToro (ETOR), and Figure Technologies (FIGR). The listings highlight both growing institutional interest in digital assets and a more favorable U.S. regulatory climate for the sector.