Gemini Successfully IPOs on Nasdaq at $425M

Big success in IPO

Gemini filed for an IPO in March 2025, initially targeting a share price of $17-19, which quickly increased to $24-26 due to surging interest.

On September 11, orders poured in—more than 20 times the number of shares available—forcing the underwriters to halt the new offering and cap the proceeds at $425 million, a rare structuring choice that prioritized pricing power over maximum capital raising. The company sold 15.2 million Class A shares at $28 each, down from the 16.67 million shares offered, to stay within the cap.

Trading began on September 12 under the ticker symbol “GEMI,” with shares opening at $37.01 — up 32% — before peaking and closing 14% above the IPO price. Nasdaq backed up this initial public offering with a $50 million private placement at the IPO price, signaling the strategic alliance.

Up to 10% of shares are reserved for insiders and loyal users, with 30% allocated to individual investors through Robinhood, SoFi and Webull, democratizing access in a transaction typically dominated by institutions.

What opportunities are there for Gemini?

Gemini’s IPO was designed for control and growth: With a $425 million cap, the higher valuation reduced the number of shares, preserving equity for the founders, who hold 94.5% of the voting rights after the IPO. That undiluted valuation came to $3.33 billion at market value, rising to $4.4 billion at launch.

Key Demand Drivers: Regulatory Greenlight: The Trump-era U.S. Securities and Exchange Commission (SEC) has eased crypto oversight, settling Gemini’s April 2025 settlement of its Earn lending program (status report expected September 15).

Gemini, which has custody of $21 billion in assets for 10,000 institutions, along with services like the GUSD stablecoin, crypto rewards cards and an NFT studio, is facing headwinds, however, with a net loss of $159 million in 2024 and $283 million in the first half of 2025, due to operating costs amid a competitive exchange landscape.

Evaluation and Conclusion

Gemini’s Nasdaq triumph — it raised $425 million, its stock jumped 32% upon its debut — underscored the Winklevoss vision of regulated crypto as the next frontier for Wall Street. Oversubscribed 20 times amid deregulation, Gemini outperformed its rivals but faced losses to survive. As exchanges like Gemini bridge crypto and stocks, the IPO signals steady capital inflows, in contrast to volatile token activity. For investors, it’s a buy signal for infrastructure; for the ecosystem, it’s proof that compliance pays off in bull runs.

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