Gemini's Nasdaq Debut: A Strong Start

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, made a splash on its first day of trading on the Nasdaq. The stock opened at $37.01, significantly above its IPO price of $28, and closed 14% higher at $32. This successful debut came after the company raised $425 million in its initial public offering, valuing Gemini at approximately $3.3 billion before trading began.

Key Details of the IPO

The IPO was priced above the revised range of $24 to $26 per share, which itself was an increase from the initial $17 to $19 range. A total of 15.2 million shares were offered. During intraday trading, shares climbed as high as $45.89, showcasing strong investor interest.

About Gemini and Its Services

Headquartered in New York, Gemini offers a comprehensive suite of crypto services, including a spot exchange, custody solutions for institutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products. As of the end of July, the platform held over $21 billion in assets. However, financial filings reveal that Gemini reported losses of $159 million in 2024 and $283 million in the first half of 2025.

Winklevoss Brothers' Bullish Bitcoin Outlook

On the morning of the IPO, the Winklevoss twins appeared on CNBC's "Squawk Box" to discuss their vision. Tyler Winklevoss described bitcoin as 'gold 2.0' and emphasized that adoption is still in its early stages, likening it to the "first inning" of a game. Both brothers projected that bitcoin could reach $1 million within the next decade, reinforcing their long-standing bullish stance on the cryptocurrency.

Context and Comparisons

Gemini's listing follows other major crypto exchanges going public, such as Coinbase (COIN) in April 2021 and Bullish (BLSH), which owns CoinDesk, last month. This trend highlights the growing mainstream acceptance and institutional interest in cryptocurrency platforms.