Gemini Space Station made its public market debut Friday on the Nasdaq exchange. The cryptocurrency platform founded by Cameron and Tyler Winklevoss saw its stock price surge more than 60% in early trading.
The company priced its initial public offering at $28 per share on Thursday evening. This pricing came well above the original target range of $17 to $19 per share. The range was later revised upward to $24 to $26 before the final pricing.
Gemini shares opened at $37.01 on Friday morning. The stock briefly climbed above $45 in the minutes following the market open. Trading volume was heavy as investors showed strong appetite for the crypto exchange.
The Nasdaq exchange halted trading for 10 minutes shortly after opening. This pause occurred due to volatility spikes that exceeded the exchange’s accepted limits. Such halts are standard procedure when stock prices move too rapidly.
🌐 Where the world buys, sells, and earns crypto.
🤝 @Gemini is the bridge between crypto and traditional finance, built for what’s next.
🎉 Proud to call you #NasdaqListed, $GEMI! pic.twitter.com/wysZZQ9FuR
— Nasdaq Exchange (@NasdaqExchange) September 12, 2025
By midday Friday, Gemini shares had settled around $35. This represented a gain of approximately 24% from the IPO price. The trading activity valued the company at roughly $1.4 billion.
Gemini’s public offering raised $425 million through the sale of 15.2 million shares. The company completed its path from SEC filing to public trading in just 10 days. Gemini submitted its Form S-1 registration on September 2.
The crypto exchange joins several other digital asset companies that have gone public in 2025. Circle Internet Group, a stablecoin infrastructure operator, priced its IPO at $31 in June. Circle’s stock closed its first trading day at $83.23 and has gained approximately 80% since its debut.
Fintech crypto exchange Bullish went public in August at $37 per share. The stock closed its first session at $68. Figure Technologies, a stablecoin issuer, debuted on Thursday with a 44% first-day gain.
Gemini holds more than $21 billion in assets under management. The platform serves approximately 10,000 institutional clients globally. These figures come from the company’s IPO prospectus filed with regulators.
The exchange offers multiple crypto-related services beyond basic trading. Gemini operates its own stablecoin and provides a US-based credit card. The company also runs a marketplace for non-fungible tokens through its studio division.
Cameron and Tyler Winklevoss founded Gemini as a regulated cryptocurrency exchange. The brothers previously gained attention for their legal dispute with Meta CEO Mark Zuckerberg over Facebook’s origins. They claimed Zuckerberg stole their idea for a social networking platform.
“We built Gemini as a bridge to the future of money,” the Winklevoss brothers stated regarding their IPO. They emphasized the platform’s global accessibility through mobile applications.
Tech IPOs on major US exchanges have averaged 36.3% first-day returns over the past year. Gemini’s performance falls within this range despite the crypto sector’s volatility. The company moved quickly from private to public status compared to traditional IPO timelines.
Figure Technologies extended its gains Friday with shares rising more than 12% in midday trading following Thursday’s debut.
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