Gemini Set for Nasdaq Debut After Raising IPO Price to $28 Per Share

Gemini is scheduled to begin trading on the Nasdaq today under ticker symbol GEMI after raising its initial public offering price to $28 per share, capitalizing on strong investor demand for the cryptocurrency exchange.

The company founded by Cameron and Tyler Winklevoss increased its offering price late Thursday from the previously marketed range of $24-$26 per share, according to Reuters . The final pricing valued Gemini at approximately $3.3 billion and enabled the company to raise $425 million from investors.

The IPO was oversubscribed by approximately 20 times, reflecting significant institutional interest in crypto exchange stocks amid improving market conditions. Nasdaq invested $50 million in the offering as part of a strategic partnership that includes custody and staking services integration.

Gemini initially targeted a $17-$19 price range before multiple upward revisions driven by investor demand. The company also increased retail investor allocation from 10% to 30% of the offering, making shares available through platforms including Robinhood, SoFi, Webull, and others.

The listing makes Gemini the third major U.S. cryptocurrency exchange to go public, following Coinbase and Bullish. The debut comes as crypto markets have rebounded, with Bitcoin reaching $116,000 and Ethereum climbing above $4,550 in recent trading.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald led the underwriting syndicate. The offering includes a standard 30-day greenshoe option allowing underwriters to purchase additional shares.

Despite strong market reception, Gemini reported a net loss of $282.5 million on revenue of $68.6 million for the first half of 2025. The company projects a full-year loss of approximately $400 million on $137 million in revenue.

The exchange manages over $18 billion in assets and serves approximately 523,000 monthly transacting users across more than 60 countries. Gemini has processed over $800 billion in lifetime transfers since its 2014 founding.

The successful pricing reflects broader improvements in U.S. equity markets and renewed appetite for technology IPOs following recent economic data showing labor market softening and moderating inflation pressures.