Gemini Space Station (GEMI), the crypto exchange started by Cameron and Tyler Winklevoss, experienced a remarkable surge during its Nasdaq launch on Friday. This debut highlights a growing institutional interest in crypto-related equity investments.
On its first day trading, Gemini shares hit a peak just above $40 before closing near $35, marking an impressive 24% increase. This boost positioned the company’s market valuation around $1.3 billion, signaling a robust reception from investors.
Gemini set its initial public offering price at $28 per share, significantly above its initial range of $17 to $19, and exceeding the revised $24 to $26 range. The offering raised $425 million by selling 15.2 million shares, underscoring strong investor demand as reported by CNBC.
The company swiftly transitioned from filing the Form S-1 with the U.S. Securities and Exchange Commission to debuting on Nasdaq, completing the process within 10 days. Although not among the largest global crypto exchanges by volume, Gemini enjoys a strong reputation in the U.S. for security and regulatory compliance. CoinMarketCap noted increased trading activity leading up to the listing.
Crypto IPO Trend Continues Strong
Gemini’s successful IPO is part of a broader trend in 2025 where crypto-focused companies are attracting strong investor interest through public offerings. Notable examples include Circle (CRCL) and Figure Technology Solutions (FIGR), which have both shown significant stock price gains since their market debuts.
Circle’s shares soared over 160% on their first trading day on the New York Stock Exchange, climbing from $31 to over $60 and reaching a market cap exceeding $33 billion.
Figure Technology Solutions bolstered its IPO price recently and debuted with a strong 24% increase, with further gains on the second trading day.
Additionally, Mega Matrix (MPU), while not an IPO, shifted its focus to the stablecoin sector, announcing a $2 billion shelf registration to support investments in the Ethena ecosystem, which contributed to a stock rally of over 150% during the past six months amidst high volatility.
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