Gemini (Gemi) shares opened at $41 per share on the Nasdaq Global Select Market on Friday, up 45% from last night’s IPO price.
Operated by Tyler and Cameron Winklevoss, Crypto Exchange priced the IPO at $28 per share and valued the company at about $3.3 billion. It sold 15.2 million shares and raised $425 million.
Gemini recorded a net loss of $283 million in the first half of the year. This follows a loss of $159 million in all 2024, according to the company’s latest finances.
Despite the deeper red ink, Gemini surpassed the IPO price initially expected, securing a $50 million strategic investment from NASDAQ earlier this week. Stock Exchange operators said the transaction was intended to expand access to Gemini’s cryptocurrency management services for institutional clients. We also position Gemini as a distribution partner for Nasdaq’s trade management software Calypso.
Gemini’s IPOs follow IPOs on other cryptographic native platforms, including Stablecoin Issuer Circle (CRCL), Bullish (BLSH), ETORO (ETOR), and Figure Technologies (FIGR). Bullish Global is the parent company of Coindesk.