Gemini’s Nasdaq debut delivered a sharp early pop, underscoring strong investor interest in the crypto exchange. The focus keyphrase, Gemini IPO, featured prominently in market chatter as demand ran hot and trading proved lively.
Oversubscribed deal and Nasdaq backing
According to the company, the Gemini IPO was oversubscribed by more than 20 times. Nasdaq demonstrated institutional confidence with a $50 million strategic investment tied to the listing. As a result, interest extended beyond retail buyers.
Gemini raised $425 million by selling 15.18 million shares at $28 each, implying an approximate $3.3 billion valuation at debut. Meanwhile, the exchange reported a net loss of $282.5 million for the first half of 2025.
Hot opening trade despite losses
Despite the loss, the stock briefly surged as much as 45% above the IPO price on day one, according to the source. The Gemini IPO signaled strong risk appetite, even as fundamentals remain in focus.
Co-founder Tyler Winklevoss said, “While we’ve accomplished much in the first 10 years, we feel like we’re just getting started.” The remark framed the listing as a long-term build, not just a trading event.
What it means for crypto equities
For investors tracking crypto-exposed stocks, the Gemini IPO adds another bellwether to a small but growing cohort. However, profitability timelines and market cycles will likely guide sentiment from here.
Key factors to watch include:
• Post-IPO trading stability and liquidity.
• Path toward narrowing losses.
• Broader crypto market conditions.
For background on exchange models and market dynamics, see this primer on IPOs. If you’re exploring digital dollar rails, our guide explains how stablecoins work.
