Gemini Shares Jump 14% on Nasdaq Debut as Winklevoss Twins Forecast $1M Bitcoin

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, saw its stock surge in its Nasdaq debut Friday, reflecting investor enthusiasm and the founders’ bullish outlook on bitcoin.

The company priced its IPO Thursday at $28 per share, valuing Gemini at roughly $3.3 billion. That price exceeded the revised $24–$26 range and was well above the initial $17–$19 range. The offering included 15.2 million shares and raised $425 million.

Shares opened at $37.01, a 32% premium to the IPO price, climbed as high as $45.89 intraday, and closed at $32, still 14% above the offer price.

Headquartered in New York, Gemini operates a spot exchange, institutional custody solutions, a U.S. dollar-backed stablecoin, a crypto rewards credit card, and staking products. As of July, the platform held more than $21 billion in assets. The company reported losses of $159 million in 2024 and $283 million in the first half of 2025.

On CNBC’s “Squawk Box,” Tyler Winklevoss called bitcoin “gold 2.0,” noting that adoption is still in the “first inning.” He and Cameron projected that bitcoin could reach $1 million within the next decade.

Gemini’s listing follows other major crypto IPOs, including Coinbase (COIN) in April 2021 and Bullish (BLSH) last month.