Shares of Gemini Space Station, the billionaire Winklevoss twins’ crypto firm, jumped about 32% at the open Friday in the company’s New York Stock Exchange debut — trading at $37.01 on the Nasdaq under the ticker symbol “GEMI.”
Gemini, which primarily operates as a crypto exchange, had priced its initial public offering at $28 per share late Thursday, above its expected range of $24 to $26, according to Bloomberg.
That valued the firm – which was founded in 2014 and holds over $21 billion of assets – at $3.3 billion.
Gemini capped the value of the offering at $425 million and sold 15.2 million shares in a sign of high demand.
The company had initially marketed 16.67 million shares.
The company and its selling stockholders granted underwriters a 30-day option to sell an additional 452,807 and 380,526 shares, respectively.
The lead underwriters for Gemini’s IPO include Goldman Sachs, Citigroup and Morgan Stanley.
Up to 30% of Gemini shares will be set aside for retail investors through Robinhood, SoFi, Hong Kong-based Futu Securities, Singapore’s Moomoo Financial, Webull and other platforms.
So far this year, Gemini has reported troubling losses – including a $283 million net loss in the first half of this year, according to SEC filings.
It also posted a net loss of $159 million in 2024.
The exchange hosts just a small fraction of crypto trading in the US. Crypto platform Coinbase attracted about 25 times as much volume as Gemini in recent days, according to CoinGecko data.
It has leaned heavily on loans from the wealthy brothers, who own about 80% of the company, a person familiar with the business told Bloomberg.
But Gemini got a hefty stamp of approval this week when Nasdaq said it’s making a $50 million investment in the crypto company, with plans to offer Gemini’s custodial services to its clients.
Gemini also offers a crypto-backed credit card and another card in partnership with Ripple, a blockchain-based digital payment firm.
Tyler and Cameron Winklevoss first rose to fame in 2004, when the brothers sued Mark Zuckerberg, claiming he stole their ConnectU idea to create Facebook. They received a $65 million settlement.
Now the twins have become outspoken supporters of President Trump and advocates for the crypto industry.
