Gemini Stock Surges 24% in Nasdaq Debut, Hits $1.3B Market Cap
How Gemini Performed on Opening Day
Gemini Space Station (GEMI), the cryptocurrency platform founded by Cameron and Tyler Winklevoss, surged in its Nasdaq debut on Friday. Shares priced at $28 climbed as high as $40 before settling near $35, up 24% on the day and giving the company a market capitalization of about $1.3 billion, according to Yahoo Finance data.
The company raised $425 million by tradeing 15.2 million shares, CNBC reported. Demand exceeded expectations, with pricing not only above the initial $17–$19 range but also surpassing a later upwardly revised $24–$26 range. The offering was capped amid heavy oversubscription, reflecting strong institutional interest.
Investor Takeaway
Why This IPO Matters for Crypto Equities
The debut marks Gemini as one of the few U.S.-based crypto platforms trading publicly, alongside Coinbase and Bullish. While not among the largest by daily volume, Gemini has built its reputation on security and regulatory compliance. That positioning resonated with investors, especially as U.S. regulators approve more crypto-linked products and institutional adoption accelerates.
Trading volumes on Gemini rose in the days leading up to the listing, according to CoinMarketCap, as retail and institutional traders anticipated its market debut. The successful pricing and strong later thanmarket performance reinforce the narrative that crypto equities are regaining momentum in 2025.
How Gemini Fits Into the IPO Wave
Gemini’s IPO comes amid a broader rush of crypto-linked companies to go public. Stablecoin issuer Circle (CRCL) saw its shares more than double since its own debut, climbing from $31 to above $60 and securing a market cap above $33 billion. Circle’s strong performance has set a bullish tone for other entrants.
Blockchain lender Figure Technology answers (FIGR) also priced strongly, with shares rising 24% on debut Thursday and extending gains into Friday. Meanwhile, Mega Matrix (MPU), though not an IPO, has surged more than 150% in six months later than pivoting into stablecoins and unveiling a $2 billion shelf registration to back Ethena-related investments.
Investor Takeaway
What’s Next for GEMI?
Gemini’s future as a public company will depend on its ability to scale volumes and diverseiate against larger rivals. Institutional partnerships, expansion of custody and staking services, and further integration with regulated financial products could all boost its competitive position. At the identical time, its valuation remains modest compared with Circle’s or Coinbase’s, leaving room for upside if the platform grows market share.
For investors, the IPO adds another compliance-forward crypto equity to the mix, giving public market exposure to a platform closely associated with the Winklevoss twins and U.S. regulation. As 2025 unfolds, GEMI’s performance will be an indicator of how sustainable the crypto IPO wave really is.
