Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, made a strong public debut on Sept. 13 with shares trading above $40 on the Nasdaq.
The rally briefly pushed the firm’s valuation to around $4.7 billion.
The listing, under the ticker GEMI, follows a wave of successful crypto IPOs this year, including blockchain lender Figure Technology Solutions and USDC issuer Circle.
Gemini raised about $425 million ahead of trading by selling over 15 million Class A shares at $28 each, beating its expected range of $24 to $26. At one point, shares hit $40 before settling near $33 in afternoon trading, according to Yahoo Finance.
Related: Analyst calls Gemini stock 20 times oversubscribed after massive debut
Despite the upbeat debut, Gemini disclosed a $282.5 million net loss for the first half of 2025, even as trading volumes spiked. Nasdaq has also agreed to purchase $50 million worth of Gemini stock in a private placement, giving the firm an extra boost.
The Winklevoss twins will retain about 94.5% of voting power after the IPO, cementing their control as Gemini begins its next chapter as a public company.
Gemini was founded by the twin brothers Cameron and Tyler Winklevoss in 2014. The Winklevoss twins are best known for their early involvement in Facebook’s founding dispute with Mark Zuckerberg, which led to a settlement of $65 million. With that capital and their growing interest in Bitcoin, they became some of the earliest and largest crypto investors in the United States.
By 2013, the twins had already purchased around 1% of all Bitcoin in circulation at the time, solidifying their role as pioneers in the digital asset space. They saw not just speculative value but also the need for regulated infrastructure to make crypto mainstream.
The twins recognized a major gap in the crypto industry in the early 2010s, existing exchanges were often plagued with poor security, limited compliance, and a lack of trust from regulators
This story was originally reported by TheStreet on Sep 12, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
