Gemini debuted on the Nasdaq at a roughly $4.4 billion valuation on Friday, as the crypto exchange’s shares immediately jumped above their initial offering price.
The Winklevoss twins-founded firm’s stock opened at $37.01 apiece, a 32% increase compared to its upped IPO price of $28, according to Yahoo Finance. That initially gave Gemini a $3.32 billion valuation. The company previously targeted a range of $24 to $26 per share.
Trading under the ticker symbol “GEMI,” Gemini was established in 2014, and it raised $425 million through its IPO, according to Decrypt calculations based on regulatory filings. Reuters reported that the firm’s IPO was significantly oversubscribed.
Wall Street giants Goldman Sachs and Cantor Fitzgerald, the financial services firm formerly run by U.S. Commerce Secretary Howard Lutnick, were among the deal’s lead bookrunners.
Gemini initially targeted a range of $17 to $19 per share across 16.6 million shares. It requested that 10% of the offering be reserved for a “directed share program,” so that some shares could be offered to select parties exclusively.
In a video posted to X by Gemini, co-founder and President Cameron Winklevoss said that he and his brother, co-founder and CEO Tyler Winklevoss, were “completely blown away” by Bitcoin when they discovered it in the summer of 2012. They ultimately created Gemini as a way to help make cryptocurrency more mainstream, Cameron added.
The Winklevoss twins backed President Donald Trump’s bid for reelection. And Brian Quintenz, the president’s long-stalled pick to lead the SEC, accused them of trying to derail his nomination earlier this week, posting what he said were screenshots of contentious conversations to X.
When it comes to Wall Street’s interest in crypto, Gemini was a near-twin this week.
On Thursday, Figure Technologies also saw its stock jump amid its Nasdaq debut, with shares closing 24% above the crypto lender’s IPO price at $31.11. Analysts think the showing could advance tokenization narratives amid the busiest IPO week in the U.S. since 2021.
Figure shares were changing hands 8.6% higher on Friday at $33.78.
Gemini marks the 10th major crypto firm to tap public markets in the U.S. for funding this year, and Carlos Guzman, a research analyst at crypto market maker GSR, thinks the trend crystalized after stablecoin issuer Circle’s blockbuster IPO in June.
The firm saw its stock price increase nearly 10x in the following weeks, but at the time, it was reasonable to question whether that was because of investors’ interest in stablecoins or their appetite for crypto-native firms more broadly, he told Decrypt.
“When Circle went public and did really well, people said, ‘Oh, stablecoins are just really exciting right now,’” he said. “Since then we’ve seen Bullish and Figure do well, and now Gemini. It’s clearly a broader [trend] that markets are finding really exciting.”
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