Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, delivered a powerful public market debut on the Nasdaq, with its IPO oversubscribed more than 20 times. The frenzy of investor demand helped propel Gemini’s market capitalization to about $4.4 billion after shares jumped more than 30% on opening day.
Highlights from the IPO
- Pricing & Proceeds: Shares were priced at $28 each, above the initial range of $24–$26, raising $425 million through the sale of roughly 15.2 million shares.
- First-Day Surge: The stock opened at $37.01 and climbed even higher during the day, at points crossing the $40 mark.
- Valuation Shift: At IPO pricing, Gemini carried a valuation of about $3.3 billion — which quickly expanded to $4.4 billion as trading began.
- Investor Demand: The offering’s 20x oversubscription reflected pent-up appetite for digital asset firms in a recovering U.S. IPO market.
Market Context
Gemini’s blockbuster debut follows strong performances from other crypto-linked IPOs, including Bullish and blockchain lender Figure. Analysts point to favorable regulation, rapid institutional adoption, and Nasdaq’s recent $50 million strategic investment in Gemini as factors boosting investor confidence.
Still, Gemini faces challenges. The company reported a net loss of $282.5 million in the first half of 2025, a sharp increase from the prior year. For the Winklevoss twins’ exchange, the focus now shifts to sustaining momentum, scaling profitably, and solidifying its role in the fast-evolving digital asset economy.
