Gemini Shares Jump About 32% in NYSE Debut After IPO Prices Above Range
Winklevoss-backed crypto exchange priced at $28 per share, valuing company at roughly $3.3 billion amid heavy retail interest and recent losses
Shares of Gemini Space Station, the cryptocurrency exchange founded by brothers Tyler and Cameron Winklevoss, jumped about 32% at the open Friday in the company's New York listing, trading at $37.01 under the ticker GEMI after pricing its initial public offering at $28 per share.
The IPO price, announced late Thursday, was above the company's expected range of $24 to $26 and implied a valuation of roughly $3.3 billion. The offering was capped at $425 million, with the company selling 15.2 million shares after initially marketing 16.67 million.
Underwriters for the deal include Goldman Sachs, Citigroup and Morgan Stanley. The company and its selling stockholders granted underwriters a 30-day option to sell an additional 452,807 and 380,526 shares, respectively. Up to 30% of Gemini shares were set aside for retail investors through platforms that included Robinhood, SoFi, Hong Kong-based Futu Securities, Singapore’s Moomoo Financial and Webull.
The public offering follows a period of reported losses for Gemini. SEC filings show the exchange posted a $283 million net loss in the first half of this year and a $159 million net loss in 2024. The firm, founded in 2014, reported holding more than $21 billion in assets, according to the IPO filing.
Gemini, which operates a U.S. crypto exchange and custody services, accounts for a small fraction of U.S. crypto trading. Data from CoinGecko cited by market reports showed Coinbase has attracted roughly 25 times the trading volume of Gemini in recent days. Bloomberg reported that the company has leaned heavily on loans from the Winklevoss brothers, who own about 80% of the company, citing a person familiar with the business.
The offering drew a notable endorsement this week when Nasdaq said it would make a $50 million investment in Gemini and planned to offer the company's custodial services to Nasdaq clients. Gemini also markets a crypto-backed credit card and a separate card partnership with Ripple, a blockchain-based payments firm.
Tyler and Cameron Winklevoss first entered the public eye in 2004 after suing Mark Zuckerberg over the creation of Facebook, a case that resulted in a reported $65 million settlement. The brothers have since become prominent advocates for the cryptocurrency industry and have publicly supported former President Donald Trump.
Analysts and market participants pointed to strong retail demand for the IPO as a driver of the pop in early trading, while noting the company's narrow market share in U.S. crypto volume and recent losses as factors investors will continue to watch. The company’s lock-up terms and any exercise of the underwriters’ overallotment option will shape the near-term supply of shares on the market.
Gemini’s debut comes amid renewed interest in public listings by crypto-related firms and increased institutional engagement with custody and trading services. The company’s performance in the weeks following the IPO will be closely watched by investors and regulators as scrutiny of cryptocurrency markets and market infrastructure persists.