Gemini co-founders Tyler Winklevos and Cameron Winklevos will participate in the company’s IPO on September 12, 2025 at the Nasdaq Market site in New York City, USA.
Gina Moon | Reuters
Stocks Gemini Space Station It raised 14% on Friday after exchange operators raised $425 million in an initial public offering.
The shares opened on Nasdaq for $37.01. The price of the IPO rose by about 32% at a price of $28. At one point, the stock traded to $45.89. The shares rose 14.3% at $32.
The New York-based company priced the IPO above the initial range of $17 to $19, exceeding the expected range this week of $24-26. This valued the company at around $3.3 billion before the transaction began.
Operated primarily as a cryptocurrency exchange, Gemini was founded in 2014 by the Winklevos brothers and held more than $21 billion in assets on the platform at the end of July. With each registration with the Securities and Exchange Commission, Gemini recorded a net loss of $159 million in 2024, losing $283 million in the first half of this year.
The company also offers US dollar-backed Stablecoin, credit cards with a crypto-back reward program, and custody services for institutions.
Winklevoss Brothers was an early Bitcoin investor and one of the first Bitcoin billionaires. For a long time, they have thought Bitcoin is a better storage worth more than gold. On Friday morning, they told CNBC’s “Squawk Box” that the price would reach $1 million in ten years from now.
In 2013, they first applied to launch the Bitcoin Exchange Trade Fund, more than a decade before the first Bitcoin ETF was finally approved. The Securities and Exchange Commission’s rejection of the Application Committee, citing the risks of fraud and market manipulation, set the stage for discussions on Bitcoin ETFs over the next few years.
Even in the early days when Bitcoin was renowned for its extreme volatility and anti-establishment roots, and when Wall Street shunned, the Winclevos brothers were openly spoken about the need for smart regulations to establish rules for a cryptographic financial revolution.
Fix: Previous versions of this story were incorrect on the date they started trading.
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