Gemini Crypto Exchange Shares Jump Over 14% in Nasdaq Debut

Shares of Gemini Space Station, the cryptocurrency exchange founded by the Winklevoss twins, surged on their first day of trading on Nasdaq, gaining more than 14% on Friday.

Gemini raised $425 million in its initial public offering (IPO). The stock opened at $37.01, about 32% higher than its IPO price of $28, and climbed as high as $45.89 before closing at $32, up 14.3%.

Valuation and Financial Performance

Before listing, Gemini was valued at roughly $3.3 billion after pricing its IPO above this week’s expected range of $24–26, and well above the initial projection of $17–19.

As of the end of July, Gemini held more than $21 billion in assets on its platform. However, according to filings with the U.S. Securities and Exchange Commission (SEC), the company reported a net loss of $159 million in 2024 and an additional $283 million loss in the first half of 2025.

Diversified Services and Market Ambitions

Beyond its role as a cryptocurrency exchange, Gemini has expanded into USD-backed stablecoins, crypto rewards credit cards, and digital asset custody services for institutions.

Founders Cameron and Tyler Winklevoss were among the earliest Bitcoin investors and the first Bitcoin billionaires. Speaking to CNBC, they forecast that Bitcoin could reach $1 million within the next decade, reinforcing their belief that the cryptocurrency is a superior store of value compared to gold.

Pioneers in the Crypto Industry

In 2013, the Winklevoss twins became the first to apply for a Bitcoin exchange-traded fund (ETF), more than a decade before the SEC approved the first such products. Although their application was rejected due to concerns about fraud and market manipulation, the move sparked a long-running debate over Bitcoin ETFs.

Even in Bitcoin’s early days, when the cryptocurrency was dismissed by Wall Street for its volatility and anti-establishment reputation, the Winklevoss brothers advocated for smart regulation to lay the groundwork for a crypto-driven financial revolution.

Investor Takeaways

High Volatility Post-IPO: Despite strong gains, Gemini’s stock saw sharp swings between $28 and nearly $46. Investors should be cautious about price volatility often associated with tech and fintech IPOs.

Unstable Financials: The company remains unprofitable, with losses of $159 million in 2024 and $283 million in the first half of 2025. Achieving sustainable profitability is still a challenge.

Industry Outlook: Growing adoption of Bitcoin and digital assets could benefit Gemini in the long run. However, heavy dependence on crypto market fluctuations poses significant risk.

Regulatory Risks: U.S. and global regulations for crypto remain in flux. Any major policy shift could significantly impact Gemini’s business model.