Winklevoss twins float Gemini at a $3.3B tag just as the SEC case edges to settlement.
Gemini (NASDAQ:GEMI), the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, began trading on Nasdaq Friday after raising $425 million in its initial public offering.
The company priced shares at $28, above the revised $24–$26 range and well over the initial $17–$19 guidance. That pricing gave Gemini a market capitalization of roughly $3.3 billion at the open.
The company is officially registered as Gemini Space Station Inc. (a nod to crypto investors’ desire for Bitcoin price to go, “to the moon”), but is more commonly known as Gemini Exchange.
The IPO covered 15.2 million shares, slightly fewer than the 16.67 million initially planned, with the smaller float reflecting strong demand. Underwriters Goldman Sachs, Citigroup, and Morgan Stanley also hold a 30-day option to purchase an additional 833,333 shares from Gemini and its selling stockholders.
Key details of the offering include:
- Retail allocation: Up to 30% of the shares were reserved for investors through Robinhood, SoFi, Hong Kong-based Futu Securities, Moomoo US, Webull, and other platforms.
- Institutional backing: Nasdaq made a $50 million strategic investment in Gemini to integrate custodial services and connect with its Calypso trade management system.
- Platform scale: As of July, Gemini reported more than $21 billion in assets on its platform despite widening financial losses.
- Financial performance: The exchange recorded a net loss of $159 million in 2024 and another $283 million in the first half of 2025.
Meanwhile, Gemini has leaned on consumer expansion to offset the financial challenges. Its crypto-backed credit card gained momentum with a new Ripple-branded launch in August, attracting more than 30,000 sign-ups in a month, doubling July’s figures.
Gemini Twins Eye Bitcoin at $1M as SEC Case Nears Resolution
The Winklevoss twins used the IPO spotlight to reiterate a long-term thesis on Bitcoin. Speaking on CNBC, Tyler Winklevoss called bitcoin “gold 2.0” and forecast a potential rise to $1 million within a decade, framing adoption as “the first inning.”
Gemini’s listing follows Coinbase’s 2021 debut and Bullish’s Nasdaq entry last month, reinforcing a trend of crypto-native firms seeking public market credibility. For investors, key variables remain regulatory clarity, as Gemini is still entangled in an SEC case, which was announced today to be ending soon.
Gemini has reached a “resolution in principle” with the U.S. SEC over allegations tied to its now-defunct crypto lending program. In a filing to Judge Edgardo Ramos of the Southern District of New York, both parties said the deal awaits formal SEC approval.
On Friday, Gemini shares opened at $37.01, a 32 percent premium to the IPO price. The stock climbed as high as $45.89 during intraday trading before closing at $32 and is currently at $32.78, marking a 12% drop from its earlier surge.
GEMI Price Chart Source: TradingView
The IPO’s premium pricing and early trading range suggest strong near-term interest, but long-term performance will hinge on whether Gemini can convert scale into sustainable profitability.
