Gemini Space Station made a strong debut on NASDAQ yesterday, with shares jumping to $40.71 after pricing at $28 per share. The cryptocurrency exchange, founded by Cameron and Tyler Winklevoss, raised $425 million in what became one of the most watched crypto IPOs of 2025.

The stock opened higher than expected and maintained strong momentum throughout the trading day. Early estimates suggested the stock would open around $34, but actual trading exceeded those projections.

Record Demand Drives Pricing Higher

Investor demand for Gemini shares was exceptional. The IPO was oversubscribed 20 times, meaning investors wanted to buy 20 times more shares than were available.

This strong demand pushed the company to raise its IPO price multiple times. Gemini originally planned to sell shares between $17 and $19 each. As interest grew, they increased the range to $24-$26, then finally priced at $28 per share.

Source: @Gemini

The company also reduced the number of shares sold from 16.67 million to 15.18 million to cap the total amount raised at $425 million. This strategy likely helped boost the first-day stock performance.

Goldman Sachs and Citigroup led the offering as main underwriters. The deal included a unique feature – up to 30% of shares were reserved for retail investors through platforms like Robinhood and Webull, rather than just institutional buyers.

NASDAQ Partnership Adds Credibility

A key factor in Gemini’s successful launch was securing NASDAQ as a strategic investor. NASDAQ invested $50 million in the company ahead of the IPO.

This partnership goes beyond just money. NASDAQ clients will get access to Gemini’s custody and staking services for cryptocurrencies. In return, Gemini’s institutional customers can use NASDAQ’s Calypso platform for managing collateral and tracking trades.

The partnership gives Gemini credibility in traditional finance circles. Having one of the world’s largest stock exchanges as both an investor and partner signals confidence in Gemini’s business model.

Part of Broader Crypto IPO Success

Gemini’s debut follows other successful crypto company IPOs this year. Circle, which issues the USDC stablecoin, went public in June and saw its stock surge over 400% from its IPO price.

Bullish, another crypto exchange, raised $1.1 billion in its IPO and watched shares jump over 80% on the first trading day. These successes showed investors were ready to buy into crypto companies again.

The timing benefits from improved regulations under the Trump administration. The GENIUS Act, signed in July 2025, created the first comprehensive federal rules for stablecoins. This regulatory clarity makes it easier for crypto companies to operate and attract institutional investors.

Gemini becomes the third publicly traded crypto exchange in the United States, joining Coinbase and Bullish. This puts the company in an exclusive group of regulated crypto businesses with access to public stock markets.

Financial Challenges Remain

Despite the successful IPO, Gemini faces significant financial hurdles. The company reported a net loss of $282.5 million in the first half of 2025, compared to a $41.4 million loss in the same period last year.

Cash reserves have also declined sharply. The company had $341.5 million in cash at the end of 2024, but this dropped to $161.9 million by June 2025. Trading fees make up about 70% of revenue, making the business heavily dependent on crypto market activity.

However, Gemini has secured additional funding sources. The company has a credit facility from Ripple worth $75 million, with an option to extend it to $150 million if needed.

Founded in 2014, Gemini operates in over 60 countries and holds more than $21 billion in assets. The platform serves both individual users and institutional clients, with institutions accounting for 87% of trading activity.

Market Impact and Future Outlook

The successful debut validates investor appetite for well-managed crypto companies. Strong first-day performance often encourages other private companies to consider going public, potentially leading to more crypto IPOs.

Gemini’s IPO also demonstrates how crypto exchanges are becoming part of mainstream financial markets. The company’s compliance-focused approach and strategic partnerships position it well as the industry continues maturing.

The Winklevoss twins maintain control through a dual-class share structure. Class A shares sold to the public carry one vote each, while the founders keep all Class B shares that have ten votes per share.

Gemini’s successful debut caps off a remarkable year for crypto IPOs and signals continued institutional interest in digital asset companies that can navigate regulatory requirements while building sustainable businesses.