Prime Highlights:
- Gemini’s shares jumped more than 14% in their Nasdaq debut, raising $425 million in its IPO.
- The Winklevoss twins remain optimistic about bitcoin’s future, predicting it could reach $1 million within a decade.
Key Facts:
- Gemini’s IPO was priced at $28 per share, giving the company a $3.3 billion valuation at the start of trading.
- Despite the strong debut, Gemini reported losses of $159 million in 2024 and $283 million in the first half of 2025.
Key Background:
Gemini, the crypto exchange started by Cameron and Tyler Winklevoss, had a strong start on Wall Street as its shares jumped more than 14% in their Nasdaq debut on Friday. The company raised $425 million in its IPO, a major milestone for the platform.
Shares of Gemini Space Station opened at $37.01, about 32% higher than the IPO price of $28, before climbing to an intraday high of $45.89. The stock eventually closed at $32, still up 14.3% on its first trading day. The IPO had been priced above expectations, which were initially set in the $17 to $19 range and later revised to $24 to $26, giving Gemini a market value of roughly $3.3 billion at the start of trading.
Founded in 2014, Gemini has grown into one of the better-known names in digital asset trading. As of July, the platform held more than $21 billion in customer assets. Apart from running its exchange, Gemini also provides a U.S. dollar-backed stablecoin, a secure storage service for institutions, and a credit card that gives crypto rewards.
Even with its strong market debut, the company is still losing money. It reported a $159 million loss in 2024 and another $283 million loss in the first half of this year, according to SEC filings.
The Winklevoss twins, early bitcoin investors and the first bitcoin billionaires, remain confident about the future of digital assets. In a Friday appearance, they reiterated their long-held belief that bitcoin could reach $1 million within the next decade, positioning it as a superior store of value compared to gold.
The brothers’ advocacy for clear and “smart” regulation has also been consistent since their early efforts in 2013 to launch a bitcoin exchange-traded fund, which the SEC initially rejected. With their exchange now listed on Nasdaq, Gemini’s debut reflects both the growing legitimacy of cryptocurrency businesses and the enduring challenges of profitability in a volatile market.
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