- Shares of the crypto exchange Gemini rose 32.2% in their Nasdaq debut, reaching a valuation of US$4.4 billion after the company raised US$425 million by selling shares at a price of US$28.
- The company’s IPO was 20 times oversubscribed, marking a significant turnaround for the exchange following years of regulatory scrutiny and a net loss of US$282.5 million in the first half of 2025.
- The successful debut reflects a period of heightened investor demand for crypto-linked equities, spurred by a favorable US stock market and a pro-crypto shift in regulatory policy from Washington.
Gemini shares closed up 32.2% in their Nasdaq debut, valuing the exchange at US$4.4 billion (AU$6.71 billion). The stock opened at US$37.01 (AU$56.44), above the IPO price of US$28 (AU$42.70), after raising US$425 million (AU$648.13 million) by selling around 15.2 million shares.
The IPO price range had been marketed between US$24 and US$26 (AU$36.60 to AU$39.65).
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Everyone Is Going Public
A few days before the debut, Gemini had updated its SEC filing on Tuesday to raise the price target, aiming at a US$3 billion (AU$4.5 billion) valuation.
The stronger-than-expected debut followed a week of heightened IPO activity in the US, with Klarna listing on Wednesday and blockchain lender Figure making a high-profile entrance on Thursday. Last month, Bullish saw its stock more than double on its first day of trading, as Crypto News Australia reported, securing over US$1.1 billion (AU$1.68 billion).
Despite the uncertainty that surrounds delicate issues like trade tariffs or geopolitical factors, the steady US stock market and pro-crypto policies from Washington have spurred renewed demand for listings. For example, Jacob Zuller of Third Bridge told Reuters that Gemini timed its IPO well, using it both to fund expansion and to stabilise its balance sheet:
Gemini has chosen the perfect time to capitalize on the favorable environment, following the recent success of the Bullish IPO and regulatory shifts from a pro-crypto administration. For Gemini, the IPO is both a bid to raise capital for expansion and an effort to clean up its balance sheet
Jacob Zuller, Analyst at Third Bridge.20 Times Oversubscribed
Gemini’s IPO was oversubscribed 20 times, underscoring strong investor demand. The debut represents a significant turning point for the company after years of scrutiny from the SEC and CFTC. However, financial challenges remain: Gemini reported a net loss of US$282.5 million (AU$431 million) in the first half of 2025, compared with US$41.4 million (AU$63 million) in the same period last year.
Founders Tyler and Cameron Winklevoss retained about 75 million shares, worth approximately US$2.78 billion (AU$4.24 billion). It’s natural to believe that institutional adoption will probably drive trading volumes higher, as institutions represent most of Gemini’s client base.
Similarly, Gemini’s Chief Financial Officer, Dan Chen, said the company will use its new public status to expand transparency and strengthen partnerships.
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