Cryptocurrency exchange Gemini, co-founded by Tyler and Cameron Winklevoss, achieved a significant milestone this week with its initial public offering (IPO) on Nasdaq. The company successfully raised $425 million, pricing its shares above the marketed range amidst strong investor demand. The achievement drew praise from industry figures, including Coinbase Chief Policy Officer Faryar Shirzad, who stated on social media, "> Congratulations to @tyler, @cameron and the entire @Gemini team. Huge accomplishment and well deserved."
Gemini Space Station Inc. priced its shares at $28 each, exceeding its revised target range of $24 to $26, and valuing the company at approximately $4.4 billion. The offering, which saw orders more than 20 times the available shares, underscores robust investor confidence in the digital asset sector. This strong debut follows Gemini's decision to cap the IPO proceeds at $425 million despite higher demand.
Founded in 2014 by the Winklevoss twins, Gemini operates a cryptocurrency exchange allowing users to buy, sell, and store over 70 digital assets. The company has strategically positioned itself as a compliance-first platform, attracting over 10,000 institutional clients across 60 countries. Ahead of its public listing, Nasdaq also made a strategic $50 million investment, further solidifying institutional ties.
Gemini's successful IPO marks another significant step in the mainstream acceptance of cryptocurrency businesses, following earlier successful debuts by stablecoin issuer Circle and cryptocurrency exchange Bullish in 2025. The increasing clarity in regulations and growing institutional adoption have contributed to a positive environment for crypto companies entering public markets. This trend suggests a transition from speculative investments to legitimate financial service providers within the digital asset space.
Despite reporting net losses of $159 million in 2024 and $283 million in the first half of 2025, investor optimism for Gemini remains high. The company's focus on security and compliance, coupled with encouraging regulatory developments and increasing institutional interest in crypto assets, positions it for potential future growth. Gemini's IPO performance reflects a broader market appetite for equity in crypto infrastructure.