Gemini Stock Jumps 45% on Nasdaq Debut, Raising $425M

Gemini (GEMI) surged in its market debut Friday, with shares opening at $41 on the Nasdaq Global Select Market — 45% above the crypto exchange’s IPO price of $28.

The offering, led by co-founders Tyler and Cameron Winklevoss, raised $425 million through the sale of 15.2 million shares, valuing the company at roughly $3.3 billion.

Gemini has yet to turn profitable. The exchange reported a $283 million net loss in the first half of 2025, following a $159 million loss for all of 2024, according to recent filings.

Even so, the IPO priced above initial expectations and was bolstered by a $50 million strategic investment from Nasdaq earlier this week. The deal is designed to expand institutional access to Gemini’s crypto custody services and make the exchange a distribution partner for Nasdaq’s Calypso trade management software.

Gemini’s listing adds to a wave of crypto firms tapping public markets in 2025, alongside Circle (CRCL), Bullish (BLSH), eToro (ETOR) and Figure Technologies (FIGR). The trend reflects a more favorable U.S. regulatory climate and growing investor appetite for digital asset companies.